Definição de opções de comércio de gabinete

Definição das opções de comércio do gabinete
O Localizador de Volatilidade pesquisa estoques e ETFs com características de volatilidade que podem prever o próximo movimento de preços, ou podem identificar opções subvalorizadas ou supervalorizadas em relação ao histórico de preços de curto e longo prazos para identificar potenciais oportunidades de compra ou venda.
Otimizador de Volatilidade.
O Volatility Optimizer é um conjunto de serviços de análise de opções gratuitas e premium e ferramentas estratégicas, incluindo o IV Index, uma Calculadora de Opções, um Scanner Estrategista, um Scanner Spread, um Ranker de Volatilidade e muito mais para identificar potenciais oportunidades de negociação e analisar movimentos do mercado.
Calculadora de Opções.
A Calculadora de Opções alimentada pela iVolatility é uma ferramenta educacional destinada a ajudar os indivíduos a entender como as opções funcionam e fornece valores justos e gregos em qualquer opção usando dados de volatilidade e preços atrasados.
Negociação de Opções Virtuais.
O Virtual Trade Tool é uma ferramenta de última geração projetada para testar seu conhecimento de negociação e permite que você experimente novas estratégias ou ordens complexas antes de colocar seu dinheiro em risco.
paperTRADE.
A ferramenta paperTRADE é um sistema de negociação simulado e fácil de usar com recursos sofisticados, incluindo análises de hipóteses e de riscos, gráficos de desempenho, criação de propagação fácil usando o spreadMAKER e várias personalizações de arrastar e soltar.
Ofertas especiais.
Apresentando 24 horas de negociação, 5 dias por semana com a TD Ameritrade.
Novo Preço da TradeStation. US $ 5 / Trade + US $ 0,50 por contrato para opções. Abra uma conta.
Pratique suas negociações com a ferramenta de negociação virtual.
Apresentando 24 horas de negociação, 5 dias por semana com a TD Ameritrade.
* Anúncio de terceiros * Propaganda de terceiros.
Links Cboe.
Legal & amp; Outros links.
Outros sites do Cboe.
As opções envolvem riscos e não são adequadas para todos os investidores. Antes de comprar ou vender uma opção, uma pessoa deve receber uma cópia das Características e Riscos de Opções Padronizadas (ODD). Cópias do ODD estão disponíveis no seu corretor ou na The Options Clearing Corporation, One North Wacker Drive, Suite 500, Chicago, Illinois 60606. As informações contidas neste site são fornecidas apenas para fins de educação geral e informações e, portanto, não devem ser consideradas completas , preciso ou atual. Muitos dos assuntos discutidos estão sujeitos a regras detalhadas, regulamentos e disposições legais que devem ser encaminhados para detalhes adicionais e estão sujeitos a mudanças que podem não ser refletidas nas informações do site. Nenhuma declaração dentro do site deve ser interpretada como uma recomendação para comprar ou vender um título ou para fornecer consultoria de investimento. A inclusão de anúncios não Cboe no site não deve ser interpretada como um endosso ou uma indicação do valor de qualquer produto, serviço ou website. Os Termos e Condições regem o uso deste site e o uso deste site será considerado aceitação desses Termos e Condições.

Glossário.
Nós compilamos este glossário de várias fontes para ajudá-lo a entender termos comumente usados ​​na indústria de futuros e em nossos mercados.
Equity da conta.
O patrimônio líquido de uma conta FUTURES, conforme determinado pela combinação do saldo contábil com qualquer ganho ou perda não realizado em posições abertas, conforme marcado para o mercado.
Executivo de contas.
O agente de uma casa de comissionamento que atende clientes / negociantes inserindo suas ordens de futuros e opções de commodities, reportando execuções comerciais, aconselhando estratégias de negociação, etc.
Mês Ativo.
Normalmente, o mês de contrato mais ativo, geralmente mais próximo da entrega.
ACT ou CEA.
O termo & quot; Act & quot; Ou “Cea” significa o Ato de Troca de Mercadoria, conforme alterado de tempos em tempos.
Uma mercadoria física real que alguém está comprando ou vendendo, E. G., soja, milho, ouro, prata, títulos do Tesouro, etc.
Preço de futuros ajustado.
O preço equivalente a dinheiro refletido no preço atual dos futuros. Isso é calculado considerando os tempos de preço de futuros O fator de conversão para o instrumento financeiro específico (E. G., obrigação ou nota) sendo entregue.
Contra Reais.
Uma transação geralmente usada por dois hedgers que querem trocar futuros por posições em dinheiro. Também referido como "Exchange for Physicals" (EFP) ou "versus dinheiro".
Sistema de Reivindicação de Alocação (ACS)
Sistema eletrônico de desistência da CME. A ACS permite que as firmas executivas renunciem (aloquem) as negociações ao preço de execução para as empresas de transporte designadas, utilizando seus sistemas atuais de entrada comercial e o Sistema de Gerenciamento de Comércio da CME. O ACS pode ser utilizado para negociações executadas e entregues a uma única empresa, bem como para operações entregues a várias empresas (consulte Sistema de Desistência).
Ordem All-or-None (AON).
Uma ordem a ser executada em contratos designados em uma área de negociação por meio de manifestações somente por toda sua quantidade a um preço único, com um tamanho igual ou superior a um limite predeterminado.
Procedimento de entrega alternativa (ADP)
Uma provisão de um contrato de futuros que permite que compradores e vendedores façam e recebam entrega sob termos ou condições que diferem daqueles prescritos no contrato. Um Adp pode ocorrer a qualquer momento durante o período de entrega, uma vez que posições de futuros longas e curtas tenham sido correspondidas para o propósito de entrega.
Associação Americana de Gás (AGA)
Associação Americana de Gás. Maior associação comercial da indústria de gás natural, com sede em Alexandria, Virgínia. A AGA realiza pesquisas técnicas e ajuda a criar padrões para equipamentos e produtos envolvidos em todas as facetas da indústria de gás natural. Também compila estatísticas que são consideradas padrões da indústria.
Instituto Americano do Petróleo (API)
A principal associação comercial da indústria petrolífera dos EUA, sediada em Washington, D. C. API, realiza pesquisas e define padrões técnicos para equipamentos e produtos da indústria, desde o poço até o ponto de venda. Também compila estatísticas que são consideradas benchmarks da indústria.
Sociedade americana para materiais de teste (ASTM)
As especificações de grau e qualidade para produtos de petróleo e metais são determinadas pelo método Astm nos métodos de teste.
Opção de estilo americano.
Tipo de contrato de opção que pode ser exercido a critério do comprador em qualquer dia de negociação até e incluindo a data de vencimento. Isso difere de uma opção de estilo europeu, que só pode ser exercida na data de vencimento.
Gravidade API.
A escala criada pelo Instituto Americano de Petróleo para indicar a "leveza" ou "peso" dos óleos brutos e outros hidrocarbonetos líquidos. Calibrado em graus de Api (ou graus Api), é usado para expressar a densidade relativa do óleo. A escala é uma medida inversa - o isqueiro o bruto a mais alta a gravidade de Api, e vice-versa. O mais alto o grau de Api, o mais alto O valor de mercado do hidrocarboneto sendo medido. Petróleo com Api Superior a 30º é Termed Light; Entre 22º e 30º, Médio; Abaixo de 22º, Heavy; E abaixo de 10º, Extra Heavy.
Interface de Programa de Aplicação (API)
O método específico prescrito por um sistema operacional de computador ou por um programa de aplicativo pelo qual um programador que escreve um programa aplicativo pode se comunicar com o sistema operacional ou outro aplicativo.
Provedor de serviços de aplicativos (ASP)
Provedor de serviços de aplicativos (Asp); Uma empresa que oferece às pessoas e empresas acesso através da Internet para aplicativos e serviços relacionados que caso contrário teriam de ser localizados em seus computadores pessoais.
Portadores Aprovados.
Transportadoras blindadas aprovadas pela Bolsa de Transporte de Ouro, Platina e Paládio.
Instalação de Entrega Aprovada.
Qualquer banco, depósito, almoxarifado, usina, depósito, planta ou elevador autorizado pela Bolsa para entrega de contratos de câmbio.
Armazém Aprovado.
Qualquer depósito que tenha sido oficialmente aprovado pela bolsa e do qual as entregas reais de mercadorias possam ser feitas em contratos futuros.
A compra simultânea de dinheiro, futuros ou opções em um mercado contra a venda de caixa, futuros ou opções em um mercado diferente, a fim de lucrar com uma disparidade de preços.
Também chamado de "oferta". Indica a vontade de vender futuros ou opções sobre contratos futuros a um determinado preço.
Como-Of Trade.
Um comércio incomparável de um dia anterior que é submetido novamente ao sistema de compensação da Cme; O comércio é submetido & quot; como de & quot; A data de negociação original.
Para testar um metal ou um óleo para pureza ou qualidade.
Atribuição (opções)
O processo pelo qual a câmara de compensação da CME, em resposta a um longo exercício de sua opção, seleciona aleatoriamente um vendedor para cumprir sua obrigação de comprar ou vender o contrato futuro subjacente a seu preço de exercício. O vendedor atribuído de uma put deve comprar o contrato de futuros subjacente; o vendedor designado de uma chamada deve vender o contrato de futuros subjacente.
Atribuições (Entrega)
O processo pelo qual a câmara de compensação do CME seleciona a posição longa para aceitar a entrega em um contrato para o qual um vendedor enviou um aviso de entrega.
Gás Associado.
Gás Natural Presente Em Um Reservatório De Petróleo Bruto, Separado Ou Em Solução Com O Petróleo.
Pessoa Associada (AP)
Uma pessoa, comumente chamada de corretora de commodities, associada e solicitando clientes e ordens de um comerciante de comissões de futuros ou de um corretor. O PA deve passar por um exame da Série 3, ser licenciado pela Comissão de Negociação de Futuros de Commodities e ser membro da National Futures Association.
No dinheiro.
A opção com um preço de exercício (ou exercício) mais próximo do preço do futuro subjacente.
Automated Trading System (ATS)
Sistema de negociação automatizado (ATS); um método de negociação no qual um computador toma decisões e digita ordens sem que uma pessoa insira essas ordens. Esta é uma forma programática de representar o comerciante.
Exercício automático.
Após a expiração das opções, uma opção que esteja dentro do dinheiro é exercida automaticamente pela câmara, a menos que o titular da opção apresente instruções específicas em contrário. Por favor, consulte as especificações do contrato individual para diretrizes de Exercício Automático.
Volume diário médio.
Volume por um período de tempo especificado dividido pelo número de dias úteis dentro desse mesmo período de tempo.
Sistema de Preço Médio (APS)
A Regra 553 permite que as empresas de compensação, em circunstâncias definidas, confirmem os preços médios quando vários preços são recebidos na execução de um pedido ou de uma série de pedidos ("média de série") durante uma única sessão de negociação. O Aps é o veículo através do qual o Exchange calcula um preço médio. Em seguida, as empresas alocam tais negociações (pelo preço médio) para a empresa escrituradora (S) ou podem subalocar essas transações para as contas de clientes em seus livros.
Temperatura média.
A média das altas e baixas temperaturas de um dia, da meia-noite à meia-noite.
O Número De Posições Abertas No Contrato No Fim Da Negociação No Dia De Negociação Selecionado.
Rede usada para interconectar várias redes.
Voltar meses.
Os futuros ou opções sobre contratos futuros sendo negociados que estão além da expiração do contrato atual ou do “mês da frente”. Também chamado de meses diferidos ou distantes.
Backspreads.
Vendendo uma ou mais opções no dinheiro e comprando um número maior de opções fora do dinheiro. As cópias posteriores podem gerar lucros comerciais se a volatilidade implícita aumentar e / ou o preço do instrumento subjacente se mover suficientemente na direção antecipada.
Backwardation
Situação do mercado em que os preços futuros são mais baixos nos meses de entrega seguintes. Também conhecido como mercado invertido. O oposto do contango.
Balança comercial.
A diferença entre as importações e exportações de um país.
Um gráfico de preços, volume e juros em aberto por um período de tempo especificado usado pelo chartist para prever tendências de mercado. Por exemplo, um gráfico de barras diário representa os preços de abertura, alta, baixa e liquidação de cada sessão de negociação.
Uma unidade de medida de volume usada para petróleo e produtos refinados. 1 barril = 42 galões americanos.
Barris por dia.
Barril por dia (abreviado BPD, bbl / d, bpd, bd ou b / d) é uma medida usada para descrever a quantidade de petróleo bruto (medido em barris) produzido ou consumido por uma entidade em um dia. Por exemplo, um campo de petróleo pode produzir 100.000 bpd e um país pode consumir 1 milhão bpd.
A Quantidade Mínima De Energia Elétrica Fornecida Ou Necessária Durante Um Determinado Período De Tempo A Uma Taxa Estável. Geralmente Referências A Quantidade Mínima de Energia Que Uma Empresa Distribuidora de Serviços Públicos ou de Distribuição Deve Disponibilizar Para Seus Clientes, Ou A Quantidade de Energia Necessária Para Atender às Mínimas Demandas Baseadas em Expectativas Razoáveis ​​de Requisitos do Cliente. Valores de Baseload Normalmente variam de hora a hora na maioria das áreas comerciais e industriais.
Metais básicos.
Cobre, alumínio, chumbo, níquel e estanho. Estes metais são definidos como base porque oxidam ou corroem com relativa facilidade.
Metais básicos.
Cobre, alumínio, chumbo, níquel e estanho. Estes metais são definidos como base porque oxidam ou corroem relativamente facilmente.
A diferença entre o preço à vista ou à vista e o preço de futuros da mesma mercadoria ou de uma mercadoria relacionada. A base é geralmente computada para o futuro próximo e pode representar diferentes períodos de tempo, formas de produtos, qualidades e localizações. O preço do mercado à vista local menos o preço do contrato futuro próximo é igual à base.
Ponto base.
Um centésimo (0,01) de um ponto de índice completo ou porcentagem.
Risco Básico.
A incerteza sobre se o spread futuro de caixa aumentará ou diminuirá entre o momento em que uma posição de hedge é implementada e liquidada.
Uma quantia medida na qual as remessas de petróleo bruto e produtos refinados são enviadas por meio de um pipeline.
Em referência a um gás natural Meausre de capacidade ou fornecimento, um bilhão de pés cúbicos.
Aquele que acredita que os preços vão baixar.
Mercado de Urso.
Um mercado em que os preços estão em declínio.
Bear Spread (Futuros)
Na maioria das commodities e instrumentos financeiros, o termo refere-se à venda do mês do contrato próximo, e compra do contrato diferido, para lucrar com uma mudança na relação de preços.
Bear Spread (Opções)
Um spread vertical envolvendo a venda da chamada de baixa e a compra da chamada de greve mais alta, chamada de spread de chamada de bear. Além disso, um spread vertical envolvendo a venda do patamar inferior e a compra do patamar mais alto, denominado bear spread spread.
Uma medida do retorno de um ativo em relação a um fator ou índice subjacente; por exemplo. a relação entre o movimento de uma ação individual ou de uma carteira e a do mercado de ações global.
Uma oferta para comprar uma quantidade específica de uma mercadoria a um preço declarado ou o preço que os participantes do mercado estão dispostos a pagar.
Licitação / Solicitação de propagação.
A diferença de preço entre o lance e o preço de oferta.
Comércio de Blocos.
Um futuro negociado de forma privada ou opção em transação de futuros que é executado além do mercado de leilão público e que é permitido em contratos designados sujeitos a condições especificadas. Essas negociações são regidas pela Regra 526 ("Block Trades").
Volume de Blowoff.
Uma sessão de negociação de volume extraordinariamente alto ocorrendo subitamente em uma tendência de alta, possivelmente sinalizando o fim da tendência.
O Conselho De Diretores Da Bolsa, Ou Qualquer Outro Corpo Que Agir Em Lugar E Com A Autoridade Da Diretoria.
Instrumento negociado no mercado à vista representando uma dívida de uma entidade governamental ou de uma empresa.
Sedimento Inferior & amp; Água (BS e W)
Água frequentemente encontrada no petróleo bruto e no combustível residual.
Fenda de Separação.
Um padrão gráfico descrito pela diferença de preços que pode sinalizar o fim de um padrão de preços e o início de uma importante mudança no mercado.
O ponto em que um comprador ou vendedor de opções não sofre perdas nem lucros em uma opção. O call breakeven é igual ao preço de exercício mais o prêmio; colocar breakeven é igual ao preço de exercício menos o prêmio.
Acordo de Bretton Woods de 1944.
Um acordo que estabeleceu bandas de negociação de taxa fixa para as principais moedas estrangeiras do mundo. O Acordo Também Prevista Para A Intervenção Do Mercado De Moeda Do Banco Central E Amarrou O Preço Do Dólar Americano Ao Ouro A $ 35 Por Onça. O acordo entrou em colapso em 1971, quando o presidente Nixon desvalorizou o dólar e permitiu as principais moedas para "flutuar" No mercado mundial.
Unidade Térmica Britânica (BTU)
A quantidade de calor necessária para aumentar a temperatura de uma libra de água de 1o Fahrenheit. Um Btu é usado como uma medida comum do valor de aquecimento para diferentes combustíveis. Preços de diferentes combustíveis e suas unidades de medida (dólares por barril de petróleo bruto, dólares por tonelada de carvão, centavos por galão de gasolina, centavos por mil pés cúbicos de gás natural) podem ser facilmente comparados quando expressos em dólares e centavos por milhão de Btus .
Índice Futuro de Base Ampliada.
Um contrato de futuros baseado em um índice que não é considerado de base estreita, conforme definido na Seção 1A (25) da lei de troca de mercadorias.
A taxa paga a um agente para facilitar a execução de ordens.
Corretora.
Uma empresa que lida com pedidos de compra e venda de contratos de futuros e opções para clientes.
Aquele que espera que os preços subam.
Mercado de touro.
Um mercado em que os preços estão subindo.
Spread Bull (Futuros)
Na maioria das commodities e instrumentos financeiros, o termo refere-se a comprar o mês próximo, e vender o mês diferido, para lucrar com a mudança na relação de preço.
Spread Bull (Opções)
Um spread vertical envolvendo a compra da chamada de baixa e a venda da chamada de greve mais alta, chamada spread de call bull. Além disso, um spread vertical envolvendo a compra do patamar mais baixo e a venda do patamar mais alto, chamado de touro posto spread.
A venda ou compra simultânea de uma de cada uma das séries de contratos futuros consecutivos. Os pacotes fornecem um método prontamente disponível e amplamente aceito para a execução de múltiplos contratos futuros com uma única transação.
Dia de negócios.
Qualquer dia em que o Exchange esteja aberto para negócios.
Opções de borboleta espalhadas.
Uma opção de três pernas, na qual cada perna tem a mesma data de vencimento, mas diferentes preços de exercício.
Propagação da borboleta.
A colocação de dois spreads entre entregas em direções opostas com o mês de entrega central comum a ambos os spreads.
Mercado do Comprador.
Uma condição do mercado em que há uma abundância de bens disponíveis e, portanto, os compradores podem ter recursos para ser seletivos e podem ser capazes de comprar com menos do que o preço que prevalecia anteriormente. Veja o mercado do vendedor.
Os estatutos do Exchange, a menos que especificado de outra forma.
Preço do Gabinete.
Preço nominal para liquidação de contratos de opções deep-out-of-the-money. Definido como o menor preço comercializável possível para essa opção, e é determinado dentro do Sistema de Compensação. Negociações sobre opções feitas a um preço igual a zero são consideradas negociações de gabinete.
Gabinete Comercial (também conhecido como Cabina, Preço do Armário)
Uma negociação que permite que os negociadores de opções executem as opções mais profundas, negociando a opção a um preço menor que o mínimo (com base na convenção mínima permitida de ticks).
Spread de calendário (futuros)
Também chamado de spread intra-commodity. A compra e venda simultâneas do mesmo contrato de futuros, mas meses de contrato diferentes. (isto é, comprar um contrato futuro de setembro da CME S & P 500® e vender um contrato futuro de dezembro CME S & P 500).
Spread de calendário (opções)
A compra e venda simultânea de opções em contratos futuros com o mesmo preço de exercício, mas datas de vencimento diferentes.
Opção de chamada.
Um contrato entre um comprador e um vendedor no qual o comprador paga um prêmio e adquire o direito, mas não a obrigação, de comprar um contrato de futuros especificado no preço de exercício ou antes da expiração. O vendedor recebe um prêmio e é obrigado a entregar ou vender o contrato futuro no preço de exercício especificado, caso um comprador opte por exercer a opção. Veja também American Style Option e European Style Option.
Um contrato de fornecimento entre um comprador e um vendedor, pelo qual o comprador está seguro de que não terá que pagar mais do que um preço máximo determinado. Este tipo de contrato é análogo a uma opção de compra.
Em referência à eletricidade, a carga máxima que uma unidade geradora ou estação geradora pode carregar sob condições especificadas por um determinado período de tempo sem exceder os limites de aprovação de temperatura e estresse.
Capacidade (comprada)
A Quantidade De Energia Elétrica E Capacidade Disponível Para Compra De Fora De Um Sistema De Utilidade.
Um contrato ou unidade de negociação. Originalmente, um contrato, ou & quot; carro & quot; era a quantidade de uma mercadoria que encheria um vagão de trem. Veja também muito.
Carrying Charge
Para commodities físicas, como grãos e metais, o custo do espaço de armazenamento, seguro e encargos financeiros incorridos pela manutenção de uma mercadoria física. Nos mercados futuros de taxa de juros, refere-se ao diferencial entre o rendimento de um instrumento de caixa e o custo de recursos necessários para a compra do instrumento. Também conhecido como custo de transporte.
Carregando empresa.
Uma empresa que carrega em seus livros posições que foram executadas por ela ou por outra empresa.
Estoques do fim do ano passado de uma mercadoria armazenável.
Commodity em dinheiro.
A mercadoria física real ou instrumento financeiro como distinto do contrato futuro que é baseado na mercadoria física ou instrumento financeiro. Também conhecido como "spot".
Dinheiro Para Futuros.
Veja Exchange For Physicals.
Mercado à vista.
Um lugar onde as pessoas compram e vendem as mercadorias reais, ou seja, elevador de grãos, banco, etc. O ponto geralmente se refere a um preço de mercado à vista de uma mercadoria física que está disponível para entrega imediata. Um contrato a termo é um contrato em dinheiro no qual um vendedor concorda em entregar uma mercadoria específica em dinheiro a um comprador em algum momento no futuro. Contratos a prazo, em contraste com contratos futuros, são negociados de forma privada e não são padronizados.
Preço em dinheiro.
Preço de mercado atual da mercadoria real ou física. Também chamado de preço à vista.
Vendas em dinheiro.
A venda de commodities em mercados locais, tais como elevadores, terminais, casas de embalagem e mercados de leilão.
Liquidação em dinheiro.
Um método de liquidação usado em certos contratos futuros e de opção em que, no vencimento ou no exercício, o comprador não recebe a mercadoria subjacente, mas a posição de caixa associada. Para os compradores que não desejam tomar posse real da mercadoria física subjacente, a liquidação em dinheiro é, às vezes, um método mais conveniente de transacionar negócios. Por exemplo, o comprador de um E-mini S & P futuro é incapaz de apropriar-se do índice na expiração. Portanto, ele simplesmente paga ou recebe a diferença entre o preço de compra e o preço do contrato de futuros de S & P na liquidação.
Gás Casinghead.
Gás presente em um poço de petróleo que é removido quando ele flui para a superfície na embalagem do poço.
Uma peça retangular plana de metal que foi refinada por eletrólise. O cobre é comumente negociado e entregue desta forma.
A Junta Comercial da cidade de Chicago, Inc.
CEA ou Act.
O termo? Act? ou “CEA” significa o Ato de Troca de Mercadorias, conforme aditado de tempos em tempos.
Banco Central.
Um banco do governo que regulamenta os bancos de um país e gerencia a política monetária de um país. O Federal Reserve é o banco central dos Estados Unidos, enquanto o Banco Central Europeu (BCE) é o banco central da União Monetária Européia.
Certificado de incorporação.
O Certificado de Incorporação da Bolsa, a menos que especificado de outra forma.
Número de cetano.
Uma medida da inflamabilidade do combustível diesel. Combustível Diesel geralmente tem que atender a uma especificação de número de cetano de 40. Como uma medida de desempenho, o número de cetano serve para um propósito semelhante ao número de octano de gasolina.
CFTC ou Comissão.
A Comissão de Negociação de Futuros de Commodities dos EUA, criada pelo Ato de Comissão de Commodity Futures Trading de 1974.
O Presidente Do Conselho De Administração, Ou Um Agindo Em Lugar E Com A Autoridade Do Presidente Do Conselho.
A mudança do dia-a-dia em juros em aberto.
Câmara de Comércio de Chicago (CBOT)
A Junta Comercial da Cidade de Chicago, Inc.
Bolsa Mercantil de Chicago (CME)
Sigla da CHICAGO MERCANTILE EXCHANGE INC. Em 9 de julho de 2007, a Chicago Mercantile Exchange Holdings Inc. ea Chicago Board of Trade Holdings, Inc. concluíram a fusão de suas empresas, criando a maior e mais diversificada bolsa de valores do mundo, agora conhecida como CME Group A CME / Chicago Board of Trade Company.
Chief Executive Officer Ou CEO.
O diretor executivo da Exchange ou um devidamente autorizado a atuar em lugar de e com a autoridade do diretor executivo.
Geralmente Refere-se ao Local em que o gás muda de propriedade ou de responsabilidade de transporte de um duto para uma empresa de distribuição local ou para uma concessionária de gás.
Classe A.
Uma Ação da Classe A Ações Ordinárias da Cme Group Inc. Ações Classe A Não Conferem Direitos de Negociação.
Classe de serviço.
Categorias de vendas de um utilitário, como residencial, comercial, industrial, outras e vendas para revenda.
Carga Limpa.
Produtos refinados, como querosene, gasolina, óleo de aquecimento doméstico e combustível de jato transportado por petroleiros, barcaças e carros-tanque. Todos os produtos refinados, exceto combustíveis de bunker, óleo combustível residual, asfalto e coque.
O procedimento através do qual uma câmara de compensação se torna o comprador para cada vendedor de um contrato de futuros e o vendedor para cada comprador e assume a responsabilidade de assegurar que cada comprador e vendedor desempenhe em cada contrato.
Taxa de Compensação.
Uma taxa cobrada pela troca para cada contrato cancelado. Há também taxas de compensação associadas a entregas, criação de uma posição de futuros resultante de um exercício de opção ou atribuição, Exchange for Physicals (EFP), negociações em bloco, transações de transferência e ajustes.
Clearing Firm.
Uma empresa que trabalha diretamente através de uma câmara de compensação para executar negociações em nome de participantes do mercado futuro.
Câmara de compensação
A divisão de uma bolsa de futuros que confirma, liquida e liquida todos os negócios através de uma troca.
Apagar ID.
O Id Alfa-Numérico da Empresa, sob o qual os negócios da empresa serão eliminados.
Membro de compensação.
Uma empresa que atende aos requisitos e aprova a participação no Exchange. O termo & quot; membro de limpeza & quot; conforme usado nas Regras deverá incluir todas as categorias de membros de compensação estabelecidas no Artigo 900, a menos que especificado de outra forma.
Apagando a transação não comercial.
Composto por transferências, troca por físico (Efps), blocos e desistências. Transferências, Blocos e Efps são negociados com privacidade, transações ex-pit, enquanto as transferências se referem ao processamento pós-negociação. & quot; Cancela & quot; E & quot; Substitui & quot; Não gerar compensação de transações não comerciais.
Eliminação de transações comerciais.
Cada negociação combinada entre um comprador e um vendedor gera duas transações comerciais de compensação: uma para o comprador e outra para o vendedor.
Clearport / PNT.
(Negociações com Negociação Privada): A Clearport é o Serviço de Compensação do Grupo Cme para os Mercados de Balcão. Pnt é um acrônimo para negociações privadas negociadas, que podem ser relatadas através do Clearport ou diretamente no Cme Clearing. O Número Nesta Coluna Representa O Número Total De Transações Ex-Pit, Ou Transações Que Foram Concluídas Fora Do Globex Ou Abertas Locais De Negociação.
Funcionário Bona Fide de um membro que foi registrado pela Bolsa para trabalhar no pregão.
O período no final do pregão oficialmente designado pela bolsa durante o qual todas as transações são consideradas "feitas no fechamento". Às vezes usado para se referir ao intervalo de fechamento.
Sino De Fechamento.
Qualquer sinal que indique a conclusão do horário normal de negociação em qualquer mercadoria.
Preço final.
O último preço de um contrato no final de um pregão.
Alcance de Fechamento.
Os preços altos e baixos, inclusive ofertas e ofertas, são registrados durante o período designado pela Bolsa como o fechamento do pregão em um determinado contrato.
Chicago Mercantile Exchange Inc.
CME Clearing House.
A divisão da troca através da qual os negócios são liberados, liquidados e garantidos.
CME Clearing House.
A divisão do CME Group que confirma, liquida e liquida todas as negociações do CME Group. A CME Clearing também coleta e mantém fundos de títulos de desempenho, regula a entrega e reporta os dados de negociação.
CME Clearport.
Um serviço de compensação flexível aberto a todos os participantes do mercado Otc, que elimina o risco de crédito de terceiros e fornece eficiência de capital em uma ampla variedade de classes de ativos. Cme Clearport não é uma plataforma de execução ou mandato ou um conjunto de produtos. Ele não é mais limitado a serviços de compensação de energia, como no passado, nem é limitado a serviços de compensação em que posições substitutas são substituídas por futuros.
Divisão CME.
A Divisão de Troca Mercantil de Chicago da Bolsa. Os titulares dos juros associados associados à Chicago Mercantile Exchange Holdings Inc. Classe B-1, que foram eleitos para membros, são membros da divisão Cme.
CME Globex.
O primeiro sistema global de negociação eletrônica de futuros e opções evoluiu para se tornar o principal mercado do mundo para negociação de derivativos. Com aprimoramentos contínuos, a plataforma permitiu que a CME, já conhecida por inovação, se transformasse em uma das principais bolsas globais de derivativos financeiros de alta tecnologia.
Qualificadores de duração de pedido do CME Globex.
Cme Globex permite que as encomendas sejam colocadas para várias durações diferentes. Uma ordem inserida no sistema Cme Globex que não contém um qualificador de duração da ordem será cancelada se não for preenchida durante o dia de negociação em que foi recebida ou, se foi recebida entre dias de negociação, durante o próximo dia de negociação. Os Qualificadores de Durações Atuais do Pedido são: Dia / Sessão, Bom ’Till Cancelado (Gtc), Bom’ Till Date (Gtd), Preencher ou Matar (Fok) e Preencher e Matar (Fak).
Tipos de pedido Globex CME.
A plataforma Cme Globex suporta uma ampla variedade de funcionalidades de pedidos, oferecendo conveniência e flexibilidade para atender a uma variedade de necessidades individuais de negociação. A Disponibilidade De Tipos Específicos De Ordens Varia Com Base Nos Mercados, Produtos E Aplicações De Negociação.
ID do usuário do CME Globex.
Um identificador designado para acessar o mecanismo de negociação eletrônica Globex da Cme.
Uma entidade combinada formada pela fusão de 2007 da Bolsa Mercantil de Chicago (Cme) e da Bolsa de Chicago (Cbot). Fornecemos a mais ampla gama de produtos de futuros e opções de referência disponíveis em qualquer bolsa, cobrindo todas as principais classes de ativos.
CME Group Inc.
O CME Group ou CME Group Inc. é o maior e mais diversificado mercado de derivativos do mundo, com trocas que oferecem a mais ampla gama de produtos benchmark globais em todas as principais classes de ativos, incluindo derivativos baseados em taxas de juros, índices de ações, câmbio, energia e agricultura. commodities, metais e clima, bem como serviços de compensação para produtos negociados em bolsa e de balcão.
Cogerador.
Uma instalação de geração que produz eletricidade e outra forma de energia térmica útil (como calor ou vapor), usada para fins industriais, comerciais, de aquecimento ou de resfriamento.
Um contrato de fornecimento entre um comprador e um vendedor de uma mercadoria, pelo qual o comprador tem a garantia de que ele não terá que pagar mais do que um preço máximo, e pelo qual o vendedor tem a garantia de receber algum preço mínimo. Isso é análogo a uma cerca ou coleira de opções, também conhecida como faixa à frente.
Ordem de Combinação ou Ordem de Propagação.
Uma Combinação De Compra E / Ou Venda De Ordens Para A Mesma Conta, Exceto Conforme Fornecido Pela Regra 527, No Mercado, Em Um Diferencial Fixo Ou Por Alguma Outra Convenção De Preços Apropriados. Também referido como uma ordem de propagação.
Utilitário de combinação.
Uma utilidade que forneça o serviço de gás e elétrico.
Comissão.
A taxa única cobrada por um corretor a um cliente quando o cliente executa um futuro ou uma opção no comércio de futuros através da corretora.
Qualquer produto aprovado e designado para negociação ou compensação de acordo com as regras de uma troca. Também pode se referir a uma mercadoria física.
Código de mercadoria.
Um Símbolo Único Usado Para Identificar Uma Mercadoria Particular Negociou Na Cme Para Finalidades De Enviar Dados Para O Sistema De Compensação. Este código não deve ser confundido com o símbolo do Ticker, que é o código que indica qual preço de mercadoria está sendo cotado.
Commodity Credit Corp.
Uma entidade do governo e operada que foi criada para estabilizar, apoiar e proteger a renda e os preços da fazenda. A Ccc também ajuda a manter fontes balanceadas e adequadas de produtos agrícolas e produtos para a distribuição ordenada.
Troca de mercadorias.
Uma troca que relaciona contratos de futuros designados para a negociação de vários tipos de produtos derivados e permite o uso de suas instalações pelos operadores. Deve cumprir as regras estabelecidas pela Comissão de Negociação de Futuros de Commodities (CFTC).
Ato de Modernização de Futuros de Commodities de 2000 (Cfma)
Ato de Modernização de Futuros de Commodities de 2000.
Commodity Futures Trading Commission.
Também conhecida como CFTC, esta é a organização governamental independente que supervisiona a negociação de futuros e opções nos Estados Unidos.
Comissão de Negociação de Futuros de Commodities (CFTC)
Acrônimo para a Commodity Futures Trading Commission, criada pelo Commodity Futures Trading Commission de 1974. Esta agência governamental regulamenta a indústria de futuros de commodities do país.
Piscina de commodities.
Uma empresa na qual os fundos contribuídos por um número de pessoas são combinados com o objetivo de negociar contratos futuros ou opções de mercadorias.
Operador de Pool de Commodities (CPO)
Um indivíduo ou organização que opera ou solicita fundos para um pool de commodities.
Assessor de Negociação de Commodities (CTA)
Uma pessoa que, para compensação ou lucro, direta ou indiretamente, aconselha os outros quanto ao valor ou à conveniência de comprar ou vender contratos futuros ou opções de mercadorias. Aconselhamento indireto inclui o exercício de autoridade comercial sobre a conta de um cliente, bem como fornecer recomendações através de publicações escritas ou outros meios de comunicação.
Moeda comum.
Moeda que é eliminada ao calcular uma taxa cruzada entre duas moedas quando as suas taxas de câmbio são expressas em termos da moeda comum; normalmente o dólar americano.
Índice de Preços ao Consumidor (IPC)
A medição do preço médio de bens de consumo e serviços adquiridos por famílias dos EUA. É um dos vários índices de preços calculados pelos órgãos nacionais de estatística. A variação percentual no IPC é uma medida da inflação. O IPC pode ser usado para indexar (ou seja, ajustar os efeitos da inflação) salários, salários, pensões ou preços regulados ou contratados.
Mercado Contango.
Uma situação de mercado em que os preços são mais altos nos meses de entrega seguintes do que no mês de entrega mais próximo. Oposto de backwardation.
Contingência (ou contingente).
Uma Ordem que se Torna Eficaz Somente Após o Cumprimento de Alguma Condição no Mercado.
Depending On The Context In Which It Is Used, A Term Of Reference Describing Either A Unit Of Trading In A Particular Futures, Options Or Cleared Product Or A Product Approved And Designated By The Board For Trading Or Clearing Pursuant To The Rules Of The Exchange.
Contract Grades.
The standard grades of commodities or instruments listed in the rules of the exchanges that must be met when delivering cash commodities against futures contracts. Grades are often accompanied by a schedule of discounts and premiums allowable for delivery of commodities of lesser or greater quality than the standard called for by the exchange.
Contract Month/Year.
The month and year in which a given contract is delivered in accordance with the Rules (for physically delivered contracts) or the month and year in which a given contract is finally settled in accordance with the Rules (for cash settled contracts). Synonymous with DELIVERY MONTH/YEAR.
Tamanho do contrato.
The actual amount of a commodity represented in a futures or options contract as specified in the contract specifications.
Control Area.
A Large Geographic Area Within Which A Utility (Or Group Of Utilities) Regulates Electric Power Generation In Order To Maintain Scheduled Interchanges Of Power With Other Control Areas And To Maintain The Required System Frequency.
Control Area Operator.
An Electric Entity That Operates Generating Capacity To Meet Area Demand, Monitors Actual Interchange (Electric Energy Flowing Between Control Areas), And Can Dispatch Generating Resources To Ensure That Actual Interchange Equals Scheduled Interchange.
Controlled Account.
Any Account For Which Trading Is Directed By Someone Other Than The Owner. Also Called A Managed Account Or A Discretionary Account.
Convergence.
A term referring to cash and futures prices tending to come together (i. e., the basis approaches zero) as the futures contract nears expiration.
Conversion (Options)
A delta-neutral arbitrage transaction involving a long futures contract, a long put option, and a short call option. The put and call options have the same strike price and same expiration date.
Cooling Degree Day (CDD)
A Day In Which The Average Daily Temperature Is More Than 65 Degrees Fahrenheit, And Therefore Likely To Be A Day In Which People Turn On Their Air Conditioning. A Cooling Degree Day Is Assigned A Value That Represents The Number Of Degrees That Day'S Average Temperature Exceeds 65 Degrees. For Example, If A Day'S Average Temperature Is 85 Degrees, The Cdd Value For That Day Would Be 20 (85 - 65). If The Average Temperature Is Less Than Or Equal To 65 Degrees, The Cdd Value For The Day Would Be Zero. (The Day Would Not Be Sufficiently Warm Enough To Require Air Conditioning.)
Cooperative (Electric)
A Group Organized Under Law Into A Utility Company That Will Generate, Transmit, Or Distribute Supplies Of Electric Energy To A Specified Area Not Being Serviced By Another Utility. Typically, A Co-Op Is A Not - For-Profit Organization.
Coordination Transactions (Electric)
Short-Term Transactions Undertaken Primarily To Maintain The Integrity Of An Electricity Distribution System.
Cost, Insurance, And Frieght (CIF)
Cost, Insurance, Freight. Term Refers To A Sale In Which The Buyer Agrees To Pay A Unit Price That Includes The Free On Board (Fob) Value At The Port Of Origin Plus All Costs Of Insurance And Transportation. This Type Of Transaction Differs From A "Delivered" Agreement In That It Is Generally Ex-Duty, And The Buyer Accepts The Quantity And Quality At The Loading Port Rather Than Paying For Quality And Quantity As Determined At The Unloading Port. Risk And Title Are Transferred From The Seller To The Buyer At The Loading Port, Although The Seller Is Obliged To Provide Insurance In A Transferable Policy At The Time Of Loading.
Cost Of Carry.
For physical commodities such as grains and metals, the cost of storage space, insurance, and finance charges incurred by holding a physical commodity. In interest rate futures markets, it refers to the differential between the yield on a cash instrument and the cost of funds necessary to buy the instrument. Also referred to as carrying charge.
Counterparty.
The individual or company (i. e., the buyer or seller) on the opposite side of any trade.
Country Risk.
Risk associated with an FX (foreign exchange) transaction, referring to potential political or economic instability.
The interest rate on a debt instrument expressed in terms of a percent on an annualized basis that the issuer guarantees to pay the holder until maturity.
To offset a short futures or options position.
Chamada Coberta.
Position where a call option is sold in concert with a long position in the futures contract.
Crack Spreads.
The simultaneous purchase or sale of crude oil against the sale or purchase of refined petroleum products. These spread differentials which represent refining margins are normally quoted in dollars per barrel by converting the product prices into dollars per barrel (multiply the cents-per-gallon price by 42) and subtracting the crude oil price.
Credit Derivative.
A credit derivative is a contractual agreement designed to shift credit risk between parties. Originally used primarily by banks to hedge and diversify the credit risk of their customers in the event they could not pay back their loans. In most basic terms, a credit default swap is similar to an insurance contract, providing the buyer, usually a debt holder, with protection against the borrower not repaying the debt.
Credit Derivative.
A Credit Derivative Is A Contractual Agreement Designed To Shift Credit Risk Between Parties. Originally Used Primarily By Banks To Hedge And Diversify The Credit Risk Of Their Customers In The Event They Could Not Pay Back Their Loans. In Most Basic Terms, A Credit Default Swap Is Similar To An Insurance Contract, Providing The Buyer, Usually A Debt Holder, With Protection Against The Borrower Not Repaying The Debt.
Spread de crédito.
An option spread in which there is a net collection of premium.
Crop (Marketing) Year.
The time span from harvest to harvest for agricultural commodities. The crop marketing year varies slightly with each ag commodity, but it tends to begin at harvest and end before the next year's harvest, e. g., the marketing year for soybeans begins September 1 and ends August 31. The futures contract month of November represents the first major new-crop marketing month, and the contract month of July represents the last major old-crop marketing month for soybeans.
Crop Reports.
Reports compiled by the U. S. Department of Agriculture on various ag commodities that are released throughout the year. Information in the reports includes estimates on planted acreage, yield, and expected production, as well as comparisons to production from previous years.
Cross Hedging.
Hedging a cash commodity using a different but related futures contract when there is no futures contract for the cash commodity being hedged and the cash and futures markets follow similar price trends (e. g., using soybean meal futures to hedge fish meal).
Cross Margining.
The process of allowing for a reduction in performance bond (margin) requirements. This reduction is possible because risk is reduced when offsetting positions are cleared by the same or affiliated clearing members.
Taxa Cruzada.
The exchange rate between two currencies, in which the home country's currency is not included. In the U. S., the Euro/Yen rate would be considered a cross rate, while in Europe or Japan it would be considered a primary pair.
Cross Trading (CME & CBOT)
Matching Of The Buying Order Of One Customer Against The Selling Order Of Another, A Practice That Is Permissible Only When Executed As Required By Cme Rule 533, Cftc Regulations And Cme Rulebook.
Cross Trading (NYMEX & COMEX)
Offsetting Match Or Trade By A Broker Of The Buy Order Of One Customer Against The Sell Order Of Another, Or A Match Of A Trade Made By A Broker With His Customer, A Practice That Is Permissible Only When Executed In Accordance With The Commodity Exchange Act, Commodity Futures Trading Commission Regulations, And Rules Of The Contract Market. Neither Nymex Division Nor Comex Division Members Are Permitted To Take The Opposite Side Of A Customer'S Order, Except, Under Certain Circumstances, For Trades Involving Long-Dated (Nine Months Or More Forward) Comex Division Copper Futures. Please Consult Cme Group Rule Books For Additional Information.
A mixture of hydrocarbons that exists as a liquid in natural underground reservoirs and remains liquid at atmospheric pressure after passing through surface separating facilities. Crude is the raw material which is refined into gasoline, heating oil, jet fuel, propane, petrochemicals, and other products.
Crush Spread.
In the soybean futures market, the simultaneous purchase of soybean futures and the sale of soybean meal and soybean oil futures to establish a processing margin.
Cubic Feet Per Day (CF/D)
Cubic Feet Per Day. Usually Used To Quantify The Rate Of Flow Of A Gas Well Or Pipeline.
Cubic Foot.
The Most Common Measure Of Gas Volume, Referring To The Amount Of Gas Needed To Fill A Volume Of One Cubic Foot At 14.73 Pounds Per Square Inch Absolute Pressure And 60 Degrees Fahrenheit. One Cubic Foot Of Natural Gas Contains, On Average, 1,027 Btus.
Cumulative Degree Day.
The Sum Of The Daily Heating Degree Day (Hdd) Or Cooling Degree Day (Cdd) Values Over A Specified Period, Usually A Month Or A Season. This Value Would Also Be The Number Recorded In That Month'S Or Season'S Hdd Or Cdd Index Value.
Currency Risk.
The Potential For A Shift In Exchange Rates, Which Would Be Detrimental To A Trader'S Position.
Mês de Entrega Atual.
The futures contract which matures and becomes deliverable during the present month or the month closest to delivery. Also called the spot month.
Current Yield.
A term used frequently in bond transactions. Current yield is computed by dividing the annual amount of interest by the price paid for the bond or security. If the security is purchased at a discount from the par or principal value, the current yield with be higher than the stated interest or coupon rate.
Cushion Gas.
The Amount Of Gas Required In A Storage Pool To Maintain Sufficient Pressure To Keep The Working Gas Recoverable.
A Designation That Refers To Segregated Clearing Member Firm Trading Activity. Customer Trading Activity And Funds May Not Be Combined With Non-Segregated House Activity Within A Clearing Member Firm.
Customer Type Indicator (CTI)
Customer Type Indicator (As It Pertains To Electronic Trading Systems): A Clearing Indicator, Required At The Time Of Order Entry, Which Indicates For Whom The Order Is Being Entered: Cti 1 = Applies To Orders Entered By A Workstation User For His/Her Own Account Or An Account In Which He/She Has Financial Interest. Cti 2 = Applies To Orders Entered For The Proprietary Account Of The Clearing Firm. Cti 3 = Applies To Orders Entered By A Member, An Eth Permit Holder, Or By An Employee Of A Member Or Eth Permit Holder, For The Account Of Another Member Or Eth Permit Holder (Rule 574.B.) Cti 4 = Applies To All Other Orders That Do Not Fit The Above Three Categories.
Daily Trading Limits.
The maximum price range permitted a contract during one trading session. Trading limits are set by the exchange for certain contracts.
An order that will be canceled if not filled by the conclusion of the Globex trade date for which it was entered.
An order to buy or sell a contract during that trading day only. Session/Day orders that have been placed but not executed during regular trading hours (RTH) do not carry over to the next trade date. Similarly, Session/Day orders placed during electronic trading hours (ETH) are only executed for that trade date.
Dia de Comércio.
Establishing a position or multiple positions and then offsetting them within the same day, ending the day with no established position in the market.
Difusão Spread.
An option spread in which there is a net payout of premium.
Failure to perform on a contract as required by exchange rules, such as the failure to meet settlement variation, a performance bond call, or to make or take delivery.
Degree Day.
Term Created To Assess And Acknowledge Expected Demand For Energy. A Degree Day Value Is The Difference Between A Day'S Average Temperature And A Previously Set Temperature (In The U. S., 65 Degrees Fahrenheit). Degree Days Above 65 Degrees Are Called Cooling Degree Days Because They Are Days When People Are Likely To Use Energy For Air Conditioning. Heating Degree Days Refer To Days When People Are Likely To Use Energy For Heating.
Ten Therms, 1 Million British Thermal Units (BTU'S)
Gráficos entregáveis.
The Standard Grades Of Commodities Or Instruments Listed In The Rules Of The Exchanges That Must Be Met When Delivering Cash Commodities Against Futures Contracts. Grades Are Often Accompanied By A Schedule Of Discounts And Premiums Allowable For Delivery Of Commodities Of Lesser Or Greater Quality Than The Standard Called For By The Exchange. Also Referred To As Contract Grades.
Delivered Transaction (Energy)
Often Regarded As Synonymous With Cost, Insurance, And Freight In The International Cargo Trade, Its Terms Differ From The Latter In A Number Of Ways. Generally, The Seller'S Risks Are Greater In A Delivered Transaction Because The Buyer Pays On The Basis Of Landed Quality/Quantity. Risk And Title Are Borne By The Seller Until Such Time As The Commodity, Such As Oil, Passes From Shipboard Into The Connecting Flange Of The Buyer'S Shore Installation. The Seller Is Responsible For Clearance Through Customs And Payment Of All Duties. Any In-Transit Contamination Or Loss Of Cargo Is The Seller'S Liability. In Delivered Transactions, The Buyer Pays Only For The Quantity Of Oil Actually Received In Storage.
The term has distinct meaning when used in connection with futures contracts. Delivery generally refers to the changing of ownership or control of a commodity under specific terms and procedures established by the exchange upon which the contract is traded. Typically, except for energy, the commodity must be placed in an approved warehouse, precious metals depository, or other storage facility, and be inspected by approved personnel, after which the facility issues a warehouse receipt, shipping certificate, demand certificate, or due bill, which becomes a transferable delivery instrument. Delivery of the instrument usually is preceded by a notice of intention to deliver. After receipt of the delivery instrument, the new owner typically can take possession of the physical commodity, can deliver the delivery instrument into the futures market in satisfaction of a short position, or can sell the delivery instrument to another market participant who can use it for delivery into the futures market in satisfaction of his short position or for cash, or can take delivery of the physical himself. The procedure differs for energy contracts. Bona fide buyers or sellers of the underlying energy commodity can stand for delivery. If a buyer or seller stands for delivery, the contract is held through the termination of trading. The buyer and seller each file a notice of intent to make or take delivery with their respective clearing members who file them with the Exchange. Buyers and sellers are randomly matched by the Exchange. The delivery payment is based on the contract's final settlement price. Some futures contracts, such as stock index futures, are cash settled.
Delivery Day.
The calendar date on which a delivery transaction is to be completed.
Delivery Month/Year.
The month and year in which a given contract is delivered in accordance with the Rules (for physically delivered contracts) or the month and year in which a given contract is finally settled in accordance with the Rules (for cash settled contracts). Synonymous with CONTRACT MONTH/YEAR.
Delivery Month Performance Bond Requirement.
Performance bond requirements applicable to all positions in the delivery month as defined by the CME clearing house.
Delivery Notice.
The notice that the seller presents to the CME clearing house stating his intention to make delivery against an open short futures position. This notice is separate and distinct from the warehouse receipt or other instruments that will be used to transfer title during the actual delivery.
Delivery Point.
Those locations designated by the exchange at which actual commodities may be delivered in fulfillment of a futures contract.
The measure of the price-change relationship between an option and the underlying futures price. Equal to the change in premium divided by the change in futures price.
The Quantity Of A Commodity That Buyers Are Willing To Purchase In The Market At A Given Price.
Depository Or Warehouse Receipt.
A Document Issued By A Bank, Warehouse Or Other Depository Indicating Ownership Of A Stored Commodity.
Depreciação.
Decline In The Value Of One Currency Relative To Another. Occurs When, Because Of A Change In Exchange Rates, A Unit Of One Currency Buys Fewer Units Of Another Currency.
Derivado.
A financial instrument whose value is based upon other financial instruments, such as a stock index, interest rates or commodity indexes.
Devaluation (Of Currency)
A government's reduction of the value of its currency, generally through an official announcement.
A noticeable or marked departure from the norm, plan, standard, procedure, or variable being reviewed. Similar to variance.
Diesel Fuel.
Distillate fuel oil used in compression-ignition engines. It is similar to home heating oil, but must meet a cetane number specification of 40 or more.
Differentials.
Price differences between classes, grades, and delivery locations of various stocks of the same commodity.
Direct Quote.
Price Of A Foreign Currency In Terms Of A Country’S Domestic Currency.
Dirty Cargo.
Those Petroleum Products Which Leave Significant Amounts Of Residue In Tanks. Generally Applies To Crude Oil And Residual Fuel Oil.
Disciplinary Offense.
Any Offense As Set Forth In Rule 300.E.
(1) The Amount A Price Would Be Reduced To Purchase A Commodity Of Lesser Grade; (2) Sometimes Used To Refer To The Price Difference Between Futures Of Different Delivery Months, As In The Phrase "July Is Trading At A Discount To May", Indicating That The Price Of The July Futures Contract Is Lower Than That Of May; (3) Applied To Cash Grain Prices That Are Below The Futures Price.
Discount Broker.
Discount Method.
A Method Of Paying Interest By Issuing A Security At Less Than Par And Repaying Par Value At Maturity. The Difference Between The Higher Par Value And The Lower Purchase Price Is The Interest.
Discount Rate.
The Interest Rate That An Eligible Depository Institution Is Charged To Borrow Short-Term Funds Directly From A Federal Reserve Bank.
Discretionary Account.
An Arrangement By Which The Holder Of The Account Gives Written Power Of Attorney To Another Person, Often His Broker, To Make Trading Decisions. Also Known As A Controlled Or Managed Account.
Distillate Fuel Oil.
Products of refinery distillation sometimes referred to as middle distillates; kerosene, diesel fuel, and home heating oil.
Doctor Test.
A Qualitative Method Of Detecting Undesirable Sulfur Compounds In Petroleum Distillates; That Is, Determining Whether An Oil Is Sour Or Sweet.
Double Top, Bottom.
A chart formation that signals a possible price trend reversal.
Downstream.
A Petroleum industry term referring to commercial oil and gas operations beyond the production phase; oil refining and marketing, and natural gas transmission and distribution.
Gas That Does Not Contain Liquid Hydro-Carbons.
Early Out Trade Call.
A Notice Issued By The Exchange Requiring Firms, Brokers, And Out Trade Clerks To Be Available At A Specified Time On The Trading Floor To Resolve Out Trades In A Particular Commodity. Fines Are Issued Against Those Firms Who Fail To Comply.
Econometria.
The application of statistical and mathematical methods in the field of economics to test and quantify economic theories and the solutions to economic problems.
See "Exchange For Physical (EFP) Trade"
Exchange for Risk. An EFR is a privately negotiated trade that entails the exchange of a futures position for a corresponding OTC instrument. The number in this column represents the number of EFR transactions for the given date.
Exchange For Swap. An Efs Is A Privately Negotiated Trade In Which A Position In A Futures Contract Is Exchanged For A Swap Position In The Same Contract.
Electric Utility.
An Enterprise That Is Engaged In The Generation, Transmission, And/Or Distribution Of Electric Energy Primarily For Use By The Public And Is The Major Power Supplier Within A Designated Service Area. Electric Utilities Include: Investor-Owned, Publicly Owned, Cooperatively Owned, And Government-Owned Entities.
Electronic Device.
Any Type Of Voice Or Data Communications Interface, Including But Not Limited To A Computer, Headset, Trading Device, Microphone, Telephone Or Camera.
Negociação eletrônica.
Computerized system for placing orders, bid and offer posting, and trade execution. The CME Globex platform is an example of an electronic trading system.
Any occurrence or circumstance listed below which, in the opinion of the Exchange, requires immediate action and threatens or may threaten fair and orderly trading, clearing, delivery or liquidation of any contracts on the Exchange. Occurrences and circumstances which the Exchange may deem emergencies are set forth in the Rules.
Ending Stocks.
The Amount Of A Storable Commodity Remaining At The End Of A Year.
See "Exchange Of Options For Options Trade"
Preço de equilibrio.
The price at which the quantity demanded of a commodity is equal to the quantity supplied.
(1) Instrument traded on the cash market representing a share in the capital of a company; (2) The net value of a commodity account as determined by combining the ledger balance with an unrealized gain or loss in open positions as marked to the market.
Equity Index.
A measure of a group of stocks, also called equities, used to describe the market and analyze the return on specific stock investment.
ETH Session (Electronic Trading Hours)
The trading session during which the CME Globex system is used. Contact the CME Globex Control Center (GCC) for the current schedule of trading hours.
Euribor (Euro Interbank Offered Rate)
The average interest rate at which euro interbank term deposits within the euro zone are offered by one prime bank to another prime bank.
Eurodollars.
U. S. dollars on deposit with a bank outside of the United States and, consequently, outside the jurisdiction of the United States. The bank could be either a foreign bank or a subsidiary of a U. S. bank.
Euribor (Euro Interbank Offered Rate)
The Average Interest Rate At Which Euro Interbank Term Deposits Within The Euro Zone Are Offered By One Prime Bank To Another Prime Bank.
Banco Central Europeu.
The European Monetary Union's central bank, which governs monetary policy for member countries.
European Style Option.
Type of option contract which can only be exercised on expiration date.
Termos Europeus.
A method of quoting exchange rates, which measures the amount of foreign currency needed to buy one U. S. dollar, i. e., foreign currency unit per dollar. Reciprocal of European Terms is another method of quoting exchange rates, which measures the U. S. dollar value of one foreign currency unit, i. e., U. S. dollars per foreign units.
Excess Margin.
The dollar amount by which the equity exceeds the margin requirements in a performance bond account.
A central marketplace with established rules and regulations where buyers and sellers meet to trade futures and options on futures contracts. See futures Exchange.
Exchange Basis Facility (EBF) Trade.
An Exchange-For-Physical (Efp) Trade Transacted In The Context Of Interest Rate Contracts (See Definition Of Exchange-For-Physical).
Exchange Certified Stocks.
Stocks Of Commodities Held In Depositories Or Warehouses Certified By An Exchange-Approved Inspection Authority As Constituting Good Delivery Against A Futures Contract Position. Current Total Certified Stocks Are Reported In The Press For Many Important Commodities Such As Gold, Silver And Platinum.
Exchange for Physical (EFP) Trade.
A privately negotiated and simultaneous exchange of an Exchange futures position for a corresponding cash position. An EFP is one type of an authorized Exchange for Related Position (EFRP) trade governed by Rule 538.
Exchange for Risk (EFR) Trade.
A privately negotiated and simultaneous exchange of an Exchange futures position for a corresponding OTC swap or other OTC instrument. An EFR is one type of an authorized Exchange for Related Position (EFRP) trade governed by Rule 538.
Exchange Official.
An Employee Or Member Designated By The Exchange To Perform Or Execute Certain Acts.
Exchange of Futures for Cash.
A transaction in which the buyer of a cash commodity transfers to the seller a corresponding amount of long futures contracts, or receives from the seller a corresponding amount of short futures, at a price difference mutually agreed upon. In this way, the opposite hedges in futures of both parties are closed out simultaneously.
Exchange of Options for Options (EOO) Trade.
A privately negotiated and simultaneous exchange of an Exchange option position for a corresponding OTC option position or other OTC instrument with similar characteristics. An EOO is one type of an authorized Exchange for Related Position (EFRP) trade governed by Rule 538.
Exchange Traded Funds.
Shares Issued By Financial Institutions That Allow Participants To Trade Benchmark Indexes Like A Stock.
The completion of an order to buy or sell a futures contract.
To invoke the right granted under the terms of an options contract to buy or sell the underlying futures contract. The option holder (long) is the one who exercises the option. Call holders exercise the right to buy the underlying future, while put holders exercise the right to sell the underlying future. The short option holder is assigned a position opposite to that of the option buyer. CME Clearing removes the option and creates the futures positions on the firms' books on the day of exercise.
Exercise Notice.
A notice tendered by a brokerage firm informing the CME clearing house that the holder of the option would like to exchange their option for the underlying futures contract.
Exercício ou preço de greve.
The price at which the buyer of a call can purchase the commodity during the life of the option, and the price at which the buyer of a put can sell the commodity during the life of the option.
Preço do exercício.
The terms "exercise price", "strike price" and "striking price" shall be synonymous and mean the price at which the futures contract underlying the options contract will be assigned upon exercise of the option. For options contracts which are exercised into multiple futures contracts, the exercise price represents the spread price differential between the futures contracts.
Exhaustion Gap.
A chart pattern described by gap in prices near the top or bottom of a price move that may signal an abrupt turn in the market.
Expiração
The last day of trading for a futures contract. The last day on which an option may be exercised and exchanged for the underlying contract.
Data de validade.
The term "expiration date" shall mean the last day on which an options contract may be exercised.
Transação Ex Pit.
Trades Made Outside The Trading Pit. There Are Two Types Of Valid Ex Pit Transactions: 1. An Exchange Of Cash For Futures (Exchange For Physicals) Involving The Simultaneous Purchase Of Cash Commodities In Exchange For A Futures Contract, At A Price Difference Mutually Agreed Upon.2. A Transfer Trade Involving The Transfer Of A Customer'S Account Between Brokerage Firms. Ex-Pit Transactions Are Not Guaranteed By The Cme Clearing Until The Initial Settlement Is Met.
Valor Extrínseco.
The amount of money option buyers are willing to pay for an option in the anticipation that, over time, a change in the underlying futures price will cause the option to increase in value. In general, an option premium is the sum of time value and intrinsic value. Any amount by which an option premium exceeds the option's intrinsic value can be considered time value.
Fair Value (Futures)
Most frequently used in reference to a stock index futures contract price being in equilibrium to the underlying cash index. The equilibrium to the futures price would be the spot price after considering compounded interest (and dividends not received due to being long the futures contract rather than the physical stocks) over a period of time.
Fair Value (Options)
Generally refers to the market price of an option being in line with its theoretical value as predicted by an options pricing formula.
Fast Market.
Term used to define unusually hectic market conditions.
See “Futures Commission Merchant”
Federal Funds.
In the United States, federal funds are bank reserves at the Federal Reserve. Banks keep reserves at Federal Reserve Banks to meet their reserve requirements and to clear financial transactions. Transactions in the federal funds market enable depository institutions with reserve balances in excess of reserve requirements to lend reserves to institutions with reserve deficiencies. These loans are usually made for 1 day only, i. e. "overnight." The interest rate at which the funds are lent is called the federal funds rate.
Taxa de fundos federais.
The rate of interest charged for the use of federal funds. See federal funds.
Federal Reserve System(Fed)
The central banking system of the United States. Created in 1913 by the enactment of the Federal Reserve Act, it is a quasi-public (part private, part government) banking system composed of (1) the presidentially-appointed Board of Governors of the Federal Reserve System in Washington, D. C.; (2) the Federal Open Market Committee; (3) 12 regional Federal Reserve Banks located in major cities throughout the nation acting as fiscal agents for the U. S. Treasury. The current Federal Reserve Chairman is Dr. Ben S. Bernanke.
Feed Ratio.
A Ratio Used To Express The Relationship Of Feeding Costs To The Dollar Value Of Livestock. Steer/Corn Ratio. The Relationship Of Cattle Prices To Feeding Costs.
Feedstock (Energy)
The Supply Of Crude Oil, Natural Gas Liquids, Or Natural Gas To A Refinery Or Petrochemical Plant Or The Supply Of Some Refined Fraction Of Intermediate Product To Some Other Manufacturing Process.
Fill-and-Kill-Order (FAK)
A FAK order is immediately filled in whole or in part at the specified price. Any remaining quantity is eliminated.
Fill-or-Kill-Order (FOK)
FOK orders are canceled if not immediately filled for the total quantity at the specified price or better.
Financial Futures.
A future contract whose value is based upon financial instruments such as a stock index, interest rates or foreign currency exchange rates.
Financial Information Exchange (FIX) API.
An Application Program Interface (API) utilizing the propocol developed for international real-time information exchange designed to allow firms and Independent Software Vendors (ISVs) to easily integrate their order entry and routing systems with CME. It is a software library of functions that enables a member's order management system to communicate with exchange order routing systems. Member firms can run the CME FIX API on their computers to electronically send orders to and receive fills from the CME Globex platform or from the firm's exchange floor operations.
Instrumento financeiro.
A commodity based in financial instruments such as a stock index, interest rates or foreign currency exchange rates.
The Purity Of Precious Metal Measured In Parts Per Thousand.
Fine Weight.
The Weight Of Precious Metal Contained In A Coin Or Bullion As Determined By Multiplying The Gross Weight By The Fineness.
The Term "Firm" Shall Mean A Corporation, Partnership, Association, Sole Proprietorship Or Other Eligible Entity.
Firm Energy.
The Highest Quality Sales Of Electric Transmission Service Offered To Customers Under A Filed Rate Schedule That Anticipates No Planned Interruption.
Firm Number.
A Three Digit Numeric Code Used In Cme'S Clearing System To Identify A Clearing Firm.
Firm Service.
Utility Service Which Assumes No Interruption Except If Residential Customers' Supply Is Threatened. Opposite Of Interruptible Service.
Firmsoft Is A Browser-Based Order Management Tool That Provides Real-Time Visibility Into Working And Filled Orders, Across Multiple Firm Ids, In The Cme Globex® Order Management Database. Firmsoft Provides Important Alternative Access To Working And Filled Orders During System Failures.
First Notice Day.
The first day on which a notice of intent to deliver a commodity in fulfillment of a futures contract can be made by the clearinghouse to a buyer. The clearinghouse also informs the sellers who they have been matched up with.
Financial Information Exchange (FIX)
An Electronic Communications Protocol Developed To Provide A Uniform Method Of Exchanging Real-Time Infomation Specifically Related To Financial Transactions.
Fix User ID.
The Client Application’S Logon Id For The Cme Fix Servers. The Server Authenticates This Id During The Logon Process. Only The Assigned User Id May Be Used To Logon To The Cme Fix Server. Examples: 00100A, 80502B. Assignee: Support And Qa Team.
Market slang to indicate that all open positions have been offset and an account has no exposure to market risk. The three common ways to describe a trader’s position in the market are long, short or flat.
Flex Option.
Non-standard option in which the buyer and seller can agree to terms where the strike price may exceed the eligible range of standard strikes, the expiration date can be any business date other than the standard expiration date, or the option can be defined to expire as "American" or "European" style and the option can have any listed futures as its underlying.
Except as otherwise provided by the Exchange, the term "Floor" shall mean any trading floor on which Exchange contracts are listed for open outcry trading.
Floor Broker.
An individual who executes orders on the Floor of the exchange for any other person and who is registered as a floor broker under the CEA.
Floor Trader.
An exchange member who trades for his own account on the Floor of the Exchange and who is registered as a floor trader under the CEA.
Following Day (Or Other Similar Expression)
The Following, Or Subsequent, Business Day.
Force Majeure.
A standard clause which indemnifies either or both parties to a transaction whenever events which the Exchange declares to be reasonably beyond the contract.
Foreign Exchange Market (FX)
The exchange of one currency for another. Markets exist in over-the-counter, forward and FX Futures where buyers and sellers conduct foreign exchange transactions. CME® FX futures offer financial institutions, investment managers, corporations and private investors ways manage the risks associated with currency rate fluctuation and to take advantage of profit opportunities stemming from changes in currency rates.
Foreign Exchange Market (FX)
The Exchange Of One Currency For Another. Markets Exist In Over-The-Counter, Forward And Fx Futures Where Buyers And Sellers Conduct Foreign Exchange Transactions. Cme® Fx Futures Offer Financial Institutions, Investment Managers, Corporations And Private Investors Ways Manage The Risks Associated With Currency Rate Fluctuation And To Take Advantage Of Profit Opportunities Stemming From Changes In Currency Rates.
Taxa de Câmbio.
The price of a country's currency when converted from another country's currency.
Contrato avançado.
A private, cash-market agreement between a buyer and seller for the future delivery of a commodity at an agreed price. In contrast to futures contracts, forward contracts are not standardized and not transferable.
Forward Points.
A metric that can be employed to calculate forward exchange rates. , Forward Points express the premium or discount for the base currency in terms of the quote currency. Forward Points are a function of the spot exchange rate, interest rates, and time. Forward points are added to the spot rate to obtain the forward rate.
Fractionation.
The Process Whereby Saturated Hydrocarbons From Natural Gas Are Separated Into Distinct Parts Or "Fractions" Such As Propane, Butane, Ethane, Etc.
Free On Board (FOB)
A Transaction In Which The Seller Provides A Commodity At An Agreed Unit Price, At A Specified Loading Point Within A Specified Period; It Is The Responsibility Of The Buyer To Arrange For Transportation And Insurance.
Refined Petroleum Products Used As A Fuel For Home Heating And Industrial And Utility Boilers. Fuel Oil Is Divided Into Two Broad Categories, Distillate Fuel Oil, Also Known As No. 2 Fuel, Gasoil, Or Diesel Fuel; And Residual Fuel Oil, Also Known As No. 6 Fuel, Or Outside The United States, Just As Fuel Oil. No. 2 Fuel Is A Light Oil Used For Home Heating, In Compression Ignition Engines, And In Light Industrial Applications. No. 6 Oil Is A Heavy Fuel Used In Large Commercial, Industrial, And Electric Utility Boilers.
Full Carrying Charge Market.
A Futures Market Where The Price Difference Between Delivery Months Reflects The Total Costs Of Interest, Insurance, And Storage.
Full-Service-Broker.
Analise fundamental.
The study of supply and demand information to aid in anticipating futures price trends.
Fungibility.
Futures contracts capable of mutual substitution the interchangeability of contracts. For example, five E-mini S&P 500 contracts are fungible and able to offset one standard-sized S&P 500 contract.
Standardized contracts for the purchase and sale of financial instruments or physical commodities for future delivery on a regulated commodity futures exchange.
Futures Commission Merchant (FCM)
An individual or organization which solicits or accepts orders to buy or sell futures or options on futures contracts and accepts money or other assets from customer in connection with such orders. An FCM must be registered with the CFTC.
Contrato Futuros.
A legally binding agreement to buy or sell a commodity or financial instrument at a later date pursuant to the Rules of the Exchange.
Futures-Equivalent.
A term frequently used with reference to speculative position limits for options on futures contracts. The futures-equivalent of an options position is the number of options multiplied by the previous day's risk factor or delta for the options series. For example, 10 deep out-of-the money options with a risk factor of 0.20 would be considered two futures-equivalent contracts. The delta or risk factors used for this purpose is the same as that used in delta-based margining and risk analysis systems.
Bolsa de Futuros.
A central marketplace where buyers and sellers come together to trade futures and options contracts.
Futures Industry Association (FIA)
Associação da Indústria de Futuros. A national not-for-profit futures industry trade association that represents the brokerage community on industry, regulatory, political, and educational issues.
Cme Hand-Held Trading Terminals.
The measure of the change in an option's delta given a change in the futures price. Equal to the change in delta divided by the change in futures price.
A price area at which the market didn't trade from one day to the next. See breakaway gap, exhaustion gap, and runaway gap. & gt;
Gap Theory.
A type of technical analysis that studies gaps in prices.
European Designation For No. 2 Heating Oil And Diesel Fuel.
Gasoline, Straight-Run.
Also Known As Raw Gasoline. Gasoline Which Is Obtained Directly From Crude Oil By Fractional Distillation. Straight-Run Gasoline Generally Must Be Upgraded To Meet Current Motor Fuel Specifications.
Generation (Electricity)
The Process Of Producing Electric Energy By Transforming Other Forms Of Energy. The Amount Of Energy Produced Is Expressed In Watthours.
Gigajoule (GJ)
One Billion Joules, Approximately Equal To 948,211 British Thermal Units. One Million Btus Equals 1.0546175 Gj.
Gigawatt (GW)
One Billion Watts.
An Order To Be Given To Another Member Firm In Clearing System, An Allocation. An Order Executed By Clearing Firm A And Given To Clearing Firm B Where It Will Be Cleared And Processed. Give-Up Order Indicator Of "Gu" Is Populated In F-Ex Field.
Give-Up System.
Acs (Allocation Claim System) Is The Cme'S Electronic Give-Up System. Acs Allows Executing Firms To Give-Up (Allocate) Trades At The Execution Price To The Designated Carrying Firms(S), Utilizing Their Current Trade Entry Systems And Cme'S Trade Management System. Acs May Be Utilized For Trades Executed And Given Up To A Single Firm, As Well As Trades Given Up To Multiple Firms.
Global Command Center (GCC)
CME Global Command Center, the exchange department that supports and maintains CME's electronic trading system. The CME® Global Command Center (GCC) can assist registered CME Globex contacts in canceling orders during emergency situations, when an order cannot be canceled through ordinary means.
GLOBEX refers to CME Globex, an electronic trading platform.
Globex Order Types.
The availability of specific Globex Order Types is dependent on the product, and not all Order Types are available for all products. Supported Order Types by Product are set forth in the Globex Reference Guide (cmegroup/globex/files/GlobexRefGd. pdf)
Globex Terminal Operator.
Globex terminal operator refers to 1) any person who physically enters orders into Globex or 2) any automated trading system which enters orders into Globex, either directly or through an automated order routing system or independent software vendor. All Globex terminal operators must be identified to the Exchange in accordance with the provisions of Rule 576 (Identification of Globex Terminal Operators).
Globex Trading Hours.
Those hours designated by the Board of Directors for trading particular contracts on GLOBEX.
Globex User ID.
An Identifier Assigned To Access The Globex Electronic Trading Engine.
Good Delivery.
Approved metals brands acceptable for delivery against the metals contracts.
Good ‘Til Canceled (GTC)
An order which will remain in force until executed, cancelled or the contract expires.
Good ‘Til Date (GTD)
An order which will remain in force through a specified trade date unless executed or canceled, or until the contract expires.
Good-til-Canceled (GTC)
Also known as an open order a GTC order, in the absence of a specific limiting designation, will remain in force during RTH and ETH until executed, canceled or the contract expires.
Good-til-Date (GTD)
GTD orders remain in force during RTH and ETH through the specified date unless executed or canceled.
Grade 1 Copper.
Copper Which Is Good For Delivery Against The Comex Division High Grade Copper Futures Contract And Meets The Astm Specification B115-91.
Standards Set For The Quality Of A Commodity.
Grading Certificates.
Certificates That Verify The Quality Of A Commodity.
Grain Terminal.
Large Grain Elevator Facility With The Capacity To Ship Grain By Rail And/Or Barge To Domestic Or Foreign Markets.
A Seller Of An Option. See Also Writer.
Gross Domestic Product.
One of the ways of measuring the size of the economy. GDP is defined as the total market value of all final goods and services produced within a country in a given period of time (usually a calendar year).
Gross Margining.
A method by which a clearing firm's customer margins are based on the firm's positions and applicable submitted spreads. For example, if a firm had only two accounts for two customers in its customer origin and one of those accounts had three open long positions and the other had two open short positions, the firm's margin would be based on five open positions if the firm did not submit spreads (rather than one net long position).
Gross Position.
The sum of a clearing firm's current open positions in a given contract.
Gross Processing Margin.
Refers To The Difference Between The Cost Of A Commodity And The Combined Sales Income Of The Finished Products Which Result From Processing The Commodity. Various Industries Have Formulas To Express The Relationship Of Raw Material Costs To Sales Income From Finished Products. One Example Would Be The Difference Between The Cost Of Soybeans And The Combined Sales Income Of The Processed Soybean Oil And Meal.
Guaranty Fund Deposit.
The Amount Required To Be Deposited With The Clearing House By The Clearing Member As A Guaranty Of Its Obligations To The Clearing House.
In Determining Whether Assets Meet Capital Requirements, A Percentage Reduction In The Stated Value Of Assets. In Computing The Worth Of Assets Deposited As Performance Bond, A Reduction From Market Value.
Hallmark (Precious Metals)
A Stamped Impression On The Surface Of A Precious Metals Bar That Indicates The Producer, Serial Number, Weight, And Purity Of Metal Content.
Head and Shoulders.
A sideways price formation at the top or bottom of the market that may indicate a major market reversal.
Heating Degree Day (HDD)
A Day In Which The Average Daily Temperature Is Less Than 65 Degrees Fahrenheit, And Therefore Likely To Be A Day In Which People Turn On Their Heat. A Heating Degree Day Is Assigned A Value That Represents The Number Of Degrees That Days Average Temperature Is Less Than 65 Degrees. For Example, If A Day'S Average Temperature Is 45 Degrees, The Heating Degree Day (Hdd) Value For That Day Would Be 20 (65-45). If The Average Temperature Is Greater Than Or Equal To 65 Degrees, The Hdd Value For The Day Would Be Zero. (The Day Would Not Be Sufficiently Cold To Require Heating.)
Óleo de aquecimento.
No. 2 fuel oil, a distillate fuel oil used either for domestic heating or in moderate capacity commercial-industrial burners.
Heavy Crude.
Crude Oil With A High Specific Gravity And A Low Api Gravity Due To The Presence Of A High Proportion Of Heavy Hydrocarbon Fractions.
The purchase or sale of a futures contract as a temporary substitute for a cash market transaction to be made at a later date. Usually involves simultaneous, opposite positions in the cash market and futures market.
An Individual Or Firm Who Uses The Futures Market To Offset Price Risk When Intending To Sell Or Buy The Actual Commodity. See Pure Hedger, Selective Hedger.
Hedge Ratio.
1) Ratio of the value of futures contracts purchased or sold to the value of the cash commodity being hedged, a computation necessary to minimize basis risk. 2) The ratio, determined by an option's delta, of futures to options required to establish a riskless position. For example, if a $1/barrel change in the underlying Oil futures price leads to a $0.25/barrel change in the options premium, the hedge ratio is four (four options for each futures contract).
An individual or firm who uses the futures market to offset price risk when intending to sell or buy the actual commodity. See pure hedger, selective hedger.
(1) Taking a position in a futures market opposite to a position held in the cash market to minimize the risk of financial loss from an adverse price change; (2) A purchase or sale of futures as a temporary substitute for a cash transaction which will occur later. See long hedge and short hedge.
Hedging Line Of Credit.
Financing Received From A Lender For The Purpose Of Hedging The Sale And Purchase Of Commodities.
Hidden Quantity.
Order Qualifier: Indicates That The Total Quantity Will Not Be Displayed To The Market, But Only Per Increments As Indicated. Difference Between Order Quantity And Displayed Quantity Is Hidden.
The highest price of the day for a particular futures contract.
Volatilidade Histórica.
The volatility of a financial instrument based on historical returns. This phrase is used particularly when it is wished to distinguish between the actual volatility of an instrument in the past, and the current volatility implied by the market.
Hog/Corn Ratio.
The relationship of feeding costs to the dollar value of hogs. It is measured by dividing the price of hogs ($/hundredweight) by the price of corn ($/bushel). When corn prices are high relative to pork prices, fewer units of corn equal the dollar value of 100 pounds of pork. Conversely, when corn prices are low in relation to pork prices, more units of corn are required to equal the value of 100 pounds of pork. A ratio used to express the relationship of feeding costs to the dollar value of livestock.
One who purchases an option (also called the buyer).
Any day declared to be a holiday by these rules or by a resolution of the Board on which the Exchange is closed. When any such holiday falls on Sunday, the following Monday shall be considered such holiday. When any such holiday falls on Saturday, the immediately preceding Friday shall be considered such holiday.
Horizontal Spread.
The purchase of either a call or put option and the simultaneous sale of the same type of option with typically the same strike price but with a different expiration month. Also referred to as a calendar spread.
(1) A designation that refers to proprietary, non-segregated clearing member firm trading activity; (2) A clearing member or a firm.
House Account.
Clearing Firm'S Proprietary, Non Segregated Trading Account.
Hundredweight.
100 pounds. Abbreviated as cwt.
Hydrocarbons.
Organic chemical compounds containing hydrogen and carbon atoms. They form the basis of all petroleum products.
An Interface To The Cme Globex Electronic Trading Platform.
Imbalance Energy.
Discrepancy Between The Amount That A Seller Contracted To Deliver And The Actual Volume Of Power Delivered. Imbalances Are Resolved Through Monetary Payment.
Volatilidade implícita.
The volatility implied by the market price of the option based on an option pricing model. In other words, it is the volatility that, given a particular pricing model, yields a theoretical value for the option equal to the current market price.
No dinheiro.
A call option with a strike price lower (or a put option with a strike price higher) than the current market value of the underlying futures commodity. Therefore someone who exercised their option on a future would receive a futures position that was already “in the money”.
Inadvertent Energy.
The Imbalance Of Energy Flows Back And Forth That Are On-Going And Routine Between A Generator Of Power And The Centers Of Demand. These Imbalances Are Typically Settled Through Exchanges Of Physical Product.
Independent (Energy)
Term Generally Applies To A Non-Integrated Oil Or Natural Gas Company, Usually Active In Only One Or Two Sectors Of The Industry. An Independent Marketer Buys Petroleum Products From Major Or Independent Refiners And Resells Them Under His Own Brand Name Or Buys Natural Gas From Producers And Resells It. There Are Also Independents Which Are Active Exclusively Either In Oil Or Gas Production Or Refining.
Independent Power Producer (IPP)
A Non-Utility Power Generating Company That Is Not A Qualifying Facility (See Qualifying Facility).
Independent Software Vendor (ISV)
A Vendor Who Makes And Sells Software Products That Run On One Or More Computer Hardware Or Operating System Platforms. At Cme, Isvs Provide Front-End Applications Certified By Cme For Trading On The Cme Globex Platform.
An indicator that is representative of a whole market or market segment, usually computed by a sum product of a list of instruments' current prices and a list of weights assigned to these instruments. The index variations give trends of the market/market segment measured.
Indicative Opening Price (IOP)
Cme Indicative Opening Price. Calculated In Real-Time During Pre-Opening Phase, Each Time An Order Is Entered / Modified / Cancelled. Maximizes The Quantities To Be Traded While Minimizing The Non-Executed Quantities.
Indirect Quote.
Price Of The Domestic Currency In Terms Of The Foreign Currency.
Indirect Rate Parity.
Forward Premium (Or Discount) That Is Dependent On The Interest Rate Differential Between Two Currencies.
An economic term describing conditions in which overall prices for goods and services are rising.
Margem inicial.
See initial performance bond.
Initial Performance Bond.
The minimum deposit a clearing firm must require from customers for each contract, when an account is new or when the account’s equity falls below minimum maintenance requirements required by the Exchange.
Institutional Trader.
A person or entity employed to trade on behalf of entities, including institutions, investment banks, pension funds, hedge funds and mutual funds.
Instrumento.
A product traded at CME, i. e., the CME S&P 500 Index futures contract.
Integration (Energy)
A Term That Describes The Degree In, And To, Which One Given Company Participates In All Phases Of The Petroleum Industry.
Taxas Interbancárias.
The price that major banks quote each other for currency transactions.
Intercommodity Spread.
A spread in which the long and short legs are in two different but generally related commodity markets. Also called an Intermarket Spread. See spread trade.
Interdelivery Spread.
A spread trade involving the simultaneous purchase of one delivery month of a given commodity futures contract and the sale of another delivery month of the same contract on the same exchange. See spread trade.
Interest Earning Facility 2 (IEF2)
Cme Clearing Program Developed To Support The Acceptance Of Money Market Mutual Fund Shares At Cme To Be Used As Performance Bond Collateral And To Satisfy Guaranty Fund Requirements.
Interest Earning Facility 4 (IEF 4)
Cme Clearing Collateral Program Designed To Allow Clearing Firms To Satisfy Core, Reserve And Concentration Performance Bond Requirements With A Wide Range Of Collateral, Consistent With Cftc Regulation 1.25.
Interest Earning Facility 5 (IEF5)
Cme Clearing Program In Which Clearing Members Can Earn A Monthly Hard Dollar Benefit By Depositing Us Dollar Cash In A Cme Bank Account At A Select Financial Institution. Clearing Members Can Satisfy A Portion Of Their Core And All Of Their Reserve And Concentration Requirements By Directing Cash Deposits Into Cme'S Account.
Intermarket Spread.
See Intercommodity Spread.
Interruptible Service (Energy)
Utility Service Which Expects And Permits Interruption On Short Notice, Generally In Peak-Load Periods, In Order To Meet The Demand By Firm Service Customers. Interruptible Service Customers Usually Pay A Lower Rate Than Firm Service Customers. Opposite Of Firm Service.
In-The-Money.
A Call Option With A Strike Price Lower (Or A Put Option With A Strike Price Higher) Than The Current Market Value Of The Underlying Futures Commodity. Therefore Someone Who Exercised Their Option On A Future Would Receive A Futures Position That Was Already “In The Money”.
Intracommodity Spread.
A Spread Involving Two Different Months Of The Same Commodity. Also Called An Interdelivery Spread.
Valor intrínseco.
The relationship of an option's in-the-money strike price to the current futures price. For a put: strike price minus futures price. For a call: futures price minus strike price.
Apresentando Broker (IB)
A firm or individual that solicits and accepts orders to buy or sell futures or options on futures contracts from customers but does not accept money or other assets from such customers. An IB must be registered with the CFTC.
Inverted Market.
A futures market in which the relationship between two delivery months of the same commodity is abnormal.
Investigative And Hearing Committees.
The Investigative And Hearing Committees Of The Exchange Are The Business Conduct Committee, The Clearing House Risk Committee, The Floor Conduct Committee, The Probable Cause Committee, Hearing Panels Of The Board Of Directors And Such Other Committees Created For This Purpose By The Board.
Invisible Supply.
Uncounted Stocks Of A Commodity In The Hands Of Wholesalers, Manufacturers, And Producers That Cannot Be Identified Accurately; Stocks Outside Commercial Channels But Theoretically Available To The Market.
Invisible Supply.
Uncounted Stocks Of A Commodity In The Hands Of Wholesalers, Manufacturers And Producers Which Cannot Be Identified Accurately; Stocks Outside Commercial Channels But Theoretically Available To The Market.
In-Well Transfer.
An Inventory Transfer Of Propane Held In Underground Caverns Or Storage.
Kerosene-type; high-quality kerosene product used primarily as fuel for commercial turbojet and turboprop aircraft engines.
A Middleman. A Gasoline Jobber, For Example, Might Buy From Refiners And Would Resell To Small Distributors Or Consumers.
A Metric Unit Of Energy.
A measure of the rate of change in an option's theoretical value for one-unit change in the volatility assumption.
A measure of the purity of gold. Pure gold is 24-karat.
Key Reversal.
A chart formation that signals a reversal of the current trend. In an uptrend, the market must open above the previous day's close, make a new high for the trend and then close below the previous day's low. In a downtrend, the market must open below the previous day's close, make a new low for the trend and then close higher than the previous day's high. Key reversals on days of high volume are given more weight than others.
Kilowatt (KW)
One Thousand Watts.
Kilowatt Hour (KWH)
Amount Of Electricity Needed To Light Ten 100-Watt Light Bulbs For A One-Hour Period. One Thousand Watts Used For One Hour.
Indicadores de atraso.
Market indicators showing the general direction of the economy and confirming or denying the trend rather than predicting its direction as implied by the leading indicators. Also referred to as concurrent indicators.
Landed Price (Energy)
The Actual Delivered Cost Of Oil To A Refiner, Taking Into Account All Costs From Production Or Purchase To The Refinery.
Last Intent Day.
The final day on which notices of intent to deliver on futures contracts may be presented to the Clearing House.
Last Inventory Day.
The final day in which long firms need to report their long position via the CME Clearing deliveries system.
Last Notice Day.
The final day on which notices of intent to deliver on futures contracts may be issued.
Último dia de negociação
The day on which trading ceases in futures contract for a particular contract month.
Principais indicadores.
Market Indicators That Signal The State Of The Economy For The Coming Months. Some Of The Leading Indicators Include: Average Manufacturing Workweek, Initial Claims For Unemployment Insurance, Orders For Consumer Goods And Material, Percentage Of Companies Reporting Slower Deliveries, Change In Manufacturers' Unfilled Orders For Durable Goods, Plant And Equipment Orders, New Building Permits, Index Of Consumer Expectations, Change In Material Prices, Prices Of Stocks, Change In Money Supply.
Lead Month.
The most current contract month in which delivery may take place in physically delivered contracts or in which cash settlement may take place in cash-settled contracts.
Principais indicadores.
Market indicators that signal the state of the economy for the coming months. Some of the leading indicators include: average manufacturing workweek, initial claims for unemployment insurance, orders for consumer goods and material, percentage of companies reporting slower deliveries, change in manufacturers' unfilled orders for durable goods, plant and equipment orders, new building permits, index of consumer expectations, change in material prices, prices of stocks, change in money supply.
Lease (Metals)
Financial Instrument Based Upon The Contango In The Gold Or Silver Market To Finance Precious Metals Inventory.
Each component transaction of a spread or swap.
To increase the potential return on an investment through the use of futures contracts (or other financial instruments).
Licensed Warehouses (Metals)
Warehouses Which Have Been Approved For The Storage Of Copper Deliverable Against The Comex Division Copper Futures Contract.
Licensed Weighmaster (Metals)
An Organization Approved By The Exchange To Witness And Verify The Weighing Of Copper Delivered Against The Comex Division Copper Futures Contract.
Lifting (Oil)
Refers To Tankers And Barges Loading Cargoes Of Petroleum At A Terminal Or Transshipment Point.
Light Crude.
Crude Oil With A Low Specific Gravity And High Api Gravity Due To The Presence Of A High Proportion Of Light Hydrocarbon Fractions.
Light Ends.
The More Volatile Products Of Petroleum Refining, Such As Butane, Propane, And Ethane.
Limit Move.
A contract's maximum price advance or decline from the previous day's settlement price permitted in one trading session, as determined by the exchange. See Price Limit.
Limit Order (LMT)
A Limit order allows the buyer to define the maximum price to pay and the seller the minimum price to accept (the limit price). A Limit order remains on the book until the order is either executed, canceled or expires. Any portion of the order that can be matched is immediately executed.
Liquefied Natural Gas (LNG)
Natural gas which has been made liquid by reducing its temperature to minus 258 degrees Fahrenheit at atmospheric pressure. Its volume is 1/600 of gas in vapor form.
Liquefied Petroleum Gas (LPG)
Propane, butane, or propane-butane mixtures derived from crude oil refining or natural gas fractionation. For convenience of transportation, these gases are liquefied through pressurization.
A characteristic of a security or commodity market with enough units outstanding to allow large transactions without a substantial change in price. Institutional investors are inclined to seek out liquid investments so that their trading activity will not influence the market price.
To offset an existing position.
The ability to buy or sell orders of any size quickly and efficiently without a substantial impact on market price.
Liquidity Data Bank.
A Computerized Profile Of Cbot Market Activity, Used By Technical Traders To Analyze Price Trends And Develop Trading Strategies. There Is A Specialized Display Of Daily Volume Data And Time Distribution Of Prices For Every Commodity Traded On The Chicago Board Of Trade.
Livestock Cycle.
A long, repeating pattern of increasing and decreasing livestock supply and prices.
Load (Energy)
The Amount Of Power Carried By A Utility System Or Subsystem, Or The Amount Of Power Consumed By An Electric Device, At A Specified Time. Load Is Also Referred To As Demand.
Load Following.
The Daily Varying Of Power Output By A Generator.
Loan Program.
A Federal Program In Which The Government Lends Money At Preannounced Rates To Farmers And Allows Them To Use The Crops They Plant For The Upcoming Crop Year As Collateral. Default On These Loans Is The Primary Method By Which The Government Acquires Stock Of Agricultural Commodities.
Local Distribution Company (LDC)
Company That Distributes Natural Gas Primarily To End-Users. A Gas Utility.
Exchange members who trade for their own accounts and/or fill orders for customers.
London Inter-Bank Offered Rate (LIBOR)
The price at which short term deposits are traded among major banks in London. Basically, the interest rate that banks charge each other for loans (usually in Eurodollars). The LIBOR is officially fixed once a day by a small group of large London banks, but the rate changes throughout the day.
One who has bought futures or options contracts to create an open position or owns a cash commodity. Opposite of Short.
To own the physical commodity.
Long Hedge.
The purchase of a futures contract in anticipation of an actual purchase in the cash commodity market. Used by processors or exporters as protection against an advance in the cash price. See hedge.
Posição longa.
A market position in which the trader has bought a futures contract or options on futures contract that does not offset a previously established short position.
Long the Basis.
Position where a hedger is long the cash market and short in the futures market.
A unit of trading (used to describe a designated number of contracts). For example, a trade quantity of one equals a "one lot;" a trade quantity of four equals a "four lot." Also called cars.
The lowest price of the day for a particular futures contract.
Macroeconomic.
The field of economics focused on movements and trends in the economy as a whole. Its central concepts include the laws of supply and demand.
Maintenance Margin.
See maintenance performance bond.
Maintenance Performance Bond.
The minimum equity that must be maintained for each contract in a customer's account subsequent to deposit of the initial performance bond. If the equity drops below this level, a deposit must be made to bring the account back to the initial performance bond level.
Major (Energy)
A term broadly applied to those multinational oil companies which by virtue of size, age, or degree of integration are among the preeminent companies in the international petroleum industry.
Managed Account.
An arrangement by which the owner of the account gives written power of attorney to someone else, usually the broker or a commodity trading advisor, to buy and sell without prior approval of the account owner. Often referred to as a discretionary Account.
Futuros gerenciados.
The term managed futures describes an industry comprised of professional money managers know as commodity trading advisors (CTAs). These trading advisors manage client assets on a discretionary basis using global futures markets as an investment medium. Trading advisors take positions based on expected profit potential. All CTAs involved must be registered with the Commodity Futures Trading Commission (CFTC), a US government regulatory agency. While many casual observers most closely associate managed futures and Commodity Trading Advisors with trend following, the reality is that the strategies and approaches within managed futures vary tremendously, and that the one common unifying these is that these managers trade highly liquid, exchange-traded instruments and deep foreign exchange markets. As a result, the terms many fund managers choose to implement, including lock-ups, gates, side pockets, and penalties for early redemptions, rarely apply to investments in managed futures. Liquidity and transparency also simplify risk management, and investing via separately managed accounts, a common practice among managed futures investors, mitigates the risk of fraud since investors retain custody of assets.
See Performance Bond.
Margin Call.
See Performance Bond Call.
Mark-to-Market.
To debit or credit on a daily basis a margin account based on the close of that day's trading session. In this way, buyers and sellers are protected against the possibility of contract default.
Market Data Application Programming Interface (MD API)
Market Data Application Programming Interface, To Be Used In Conjunction With Cme'S Order Entry Apis. Employs Tibco Technology. Cme Developed The Market Data Api, Which Allows Firms To Receive Real-Time Market Data From The Electronic Markets, And At A Later Date, Also From The Open Outcry Markets.
Market-If-Touched (MIT)
An order that automatically becomes a market order if the price is reached. An MIT order to buy becomes a limit order if and when the instrument trades at a specific or lower trigger price; an MIT order to sell becomes a limit order if and when the instrument trades at a specified or higher trigger price. On CME Globex, this order type is only available via CME Globex Trader, which is scheduled to be decommissioned by the end of 2007.
Market-if-Touched (MIT) Order.
A sell (buy) order placed above (below) the market which becomes a market order when the designated price is touched.
Market Maker.
A firm or person with trading privileges on an exchange who has an obligation to buy when there is an excess of sell orders and to sell when there is an excess of buy orders. In the futures industry, this term is sometimes loosely used to refer to a floor trader or local who, in speculating for his own account, provides a market for commercial users of the market.
Market-on-Close (MOC)
An order submitted at any time within a trading session, but only executed on the close.
Market-on-Close (MOC) Order.
An order to be executed as a market order only in the closing range.
Market Order (MKT)
An order placed at any time during the trading session to immediately execute the entire order at the best available offer price (for buy orders) or bid price (for sell orders).
Market-on-Open (MOO)
A market order entered before an opening, to be executed immediately upon the open of the trading session.
Market Participant.
Any person, entity or organization who hedges and/or speculates through a futures exchange.
Marketplace.
An organized venue, apart from CME, for the trade of securities, commodities or derivative instruments including, but not limited to, futures, options, options on futures or Security Futures Products.
Perfil de mercado.
Market Profile is an analytical tool that organizes price and time information to reveal trends and patterns as they develop. Its ability to identify areas where price is being accepted and where price is being rejected allowing traders of any market to adjust their trading accordingly.
Market Reporter.
A Person Employed By The Exchange And Located In Or Near The Trading Pit Who Records Prices As They Occur During Trading.
Market Segment.
A Part Of A Market That Relates To A Place, An Exchange Authority, A Type Of Security (Equity / Bond / Option / Future), And A List Of Securities With A Given Set Of Trading Methods.
Market Value.
The Current Value Of All Commodities Held In A Performance Bond Account.
Market With Protection.
Electronic Market Orders At Cme Group Are Implemented Using A “Market With Protection” Approach. Unlike A Conventional Market Order, Where Customers Are At Risk Of Having Their Orders Filled At Extreme Prices, Market With Protection Orders Are Filled Within A Predefined Range Of Prices (The Protected Range). The Protected Range Is Typically The Current Best Bid Or Offer, Plus Or Minus 50 Percent Of The Product’S No Bust Range. If The Entire Order Cannot Be Filled Within The Protected Range, The Unfilled Quantity Remains On The Book As A Limit Order At The Limit Of The Protected Range.
Mark-To-Market.
To Debit Or Credit On A Daily Basis A Margin Account Based On The Close Of That Day'S Trading Session. In This Way, Buyers And Sellers Are Protected Against The Possibility Of Contract Default.
Matched Trade.
The execution of the buy and sell orders that together consummate a trade; consists of one or more contracts and occurs when the same price is specified by buy and sells orders, for a specified number of contracts.
Period within which a futures contract can be settled by delivery of the actual commodity; the period between the first notice day and the last trading day of a commodity futures contract.
Maximum Price Fluctuation.
The maximum amount the contract price can change up or down during one trading session, as stipulated by exchange rules. Consult CME Clearing contract specifications for specific price limit information.
MCF (Energy)
Initials For Thousand Cubic Feet, Typically In Reference To A Quantity Of Natural Gas.
Megawatt (MW)
One Million Watts.
Megawatt Hour (MWH)
Amount Of Electricity Needed To Light Ten Thousand 100-Watt Light Bulbs For A One-Hour Period. One Million Watts Used For One Hour.
An individual owning or holding a membership in the Exchange.
Member Firm.
An entity to which membership privileges on the Exchange have been conferred.
Member Performance Bond.
The minimum equity that must be maintained for each contract in a member's account subsequent to deposit of the initial margin. Also see member rate.
Membership or Membership Interest.
The trading right associated with a Class B Share in any of the following classes: Class B-1 (CME Membership), Class B-2 (IMM Membership), Class B-3 (IOM Membership) and Class B-4 (GEM Membership). A membership or membership interest may only be purchased or sold with its associated Class B Share.
Middle Distillate.
Hydrocarbons That Are In The So-Called "Middle Boiling Range" Of Refinery Distillation. Examples Are Heating Oil, Diesel Fuels, And Kerosene.
Million British Thermal Units (Mmbtu)
Approximately equal to a thousand cubic feet (Mcf) of natural gas. Also know as Dekatherm.
Minimum Price Fluctuation.
The smallest increment of price movement possible in trading a given contract often referred to as a tick. The minimum unit by which the price of a commodity can fluctuate, as established by the Exchange.
Minimum Quantity Order.
An order which is executed only if a certain minimum quantity of that order can be immediately matched.
The Incorrect Matching Of Trades Between Two Brokers Or Between Two Clearing Firms.
Money Supply.
The amount of money in the economy, consisting primarily of currency in circulation plus deposits in banks: M-1 U. S. money supply consisting of currency held by the public, traveler's checks, checking account funds, NOW and super - NOW accounts, automatic transfer service accounts, and balances in credit unions. M-2 U. S. money supply consisting M-1 plus savings and small time deposits (less than $100,000) at depository institutions, overnight repurchase agreements at commercial banks, and money market mutual fund accounts. M-3 U. S. money supply consisting of M-2 plus large time deposits ($100,000 or more) at depository institutions, repurchase agreements with maturities longer than one day at commercial banks, and institutional money market accounts.
Motor Gasoline (Mogas)
A complex mixture of relatively volatile hydrocarbons, with or without small quantities of additives, which have been blended to form a fuel suitable for use in spark-ignition engines.
Refined lubricating oil, usually containing additives, used in internal combustion engines.
Moving Average Chart.
A chart recording moving averages (three-day, ten-day, etc.) of market prices.
Médias móveis.
A statistical price analysis method of recognizing different price trends. A moving average is calculated by adding the prices for a predetermined number of days and then dividing by the number of days.
Mutual Offset System (MOS)
In 1984 The Cme And The Singapore Exchange (Sgx) Established A Mutual Offset Agreement, Which Resulted In The Implementation Of The Mutual Offset System (Mos. In Accordance With This Agreement, Trades Executed On One Exchange Can Be Transferred To The Books Of A Firm On The Other Exchange. Currently Only Eurodollar, Euroyen, Euroyen Libor And Nikkei Yen Futures Are Eligible Contracts For Mos.
Naked Futures Position.
An open futures position that is not covered by an offsetting futures position or by an options contract against which it can be spread.
Naked Options Position.
An open options contract that is not covered by an offsetting position in the underlying futures commodity or by another options contract against which it can be spread.
Naphthenes.
One Of The Three Basic Hydrocarbon Classifications Found Naturally In Crude Oil. Naphthenes Are Widely Used As Petrochemical Feedstocks.
A Volatile, Colorless Product Of Petroleum Distillation. Used Primarily As A Paint Solvent, Cleaning Fluid, And Blendstock In Gasoline Production.
Narrow-Based Index Future.
Refers To A Futures Contract Based Upon A Security Index That Is Considered Narrow-Based As Defined In Section 1A(25) Of The Commodity Exchange Act.
National Futures Association (NFA)
The National Futures Association. NFA is an independent self-regulatory organization for the U. S. futures industry with no ties to any specific marketplace.
National Introducing Brokers Association.
Established in 1991—the National Introducing Brokers Association is one of the foremost, nationally recognized organizations representing professionals in the futures and options industry.
Gás natural.
A naturally occurring mixture of hydrocarbon and non-hydrocarbon gases found in porous rock formations. Its principal component is methane.
Natural Gas Liquids (NGL)
A general term for all liquid products separated from natural gas in a gas processing plant. NGLs include propane, butane, ethane, and natural gasoline.
Perto do dinheiro.
The relationship between an option’s strike price and the value of the underlying instrument, where the strike price is near the underlying instrument’s current market price.
The nearest active trading month of a futures or options on futures contract. Also referred to as the lead month.
Near-The-Money.
The Relationship Between An Option’S Strike Price And The Value Of The Underlying Instrument, Where The Strike Price Is Near The Underlying Instrument’S Current Market Price.
Negative Yield Curve.
A chart in which the yield level is plot on the vertical axis and the term to maturity of debt instruments of similar creditworthiness is plotted on the horizontal axis. The yield curve is positive when long-term rates are higher than short-term rates. However, the yield curve is referred to as negative or inverted as short term rates begin to rise above longer term ones.
Negotiable Warehouse Receipt.
A Legal Document Issued By A Warehouse Describing And Guaranteeing The Existence Of A Specific Quantity (And Sometimes A Specific Grade) Of A Commodity Stored In The Warehouse.
Netback (Energy)
Industry Term Referring To The Net Free On Board Cost Of Product Offered On A Delivered Or Cost, Insurance, And Freight Basis. It Is Derived By Subtracting All Costs Of Shipment From The Landed Price.
Net Change.
The amount of increase or decrease from the previous trading period's settlement price.
Net Margining.
A method by which a clearing firm's margins are based on the net position, e. g. the remaining position after netting long positions in a contract against the short positions in the customer origin. For example, if a firm had only two accounts for two customers in its customer segregated origin and one of those accounts had three open long positions and the other had two open short positions, the firm's margin would be based on the one net long position.
Net Position.
The difference between an individual or firm's open long contracts and open short contracts in any one commodity.
Nominal Price.
The declared price for a futures month sometimes used in place of a closing price when no recent trading has taken place in that particular delivery month; usually an average of the bid and asked prices.
Non-Associated Gas.
Natural Gas In A Reservoir Which Contains No Crude Oil.
Notice Day.
The day the buyer with the oldest long position is matched with the seller's intent and both parties are notified of delivery obligations.
Any Person Who Is Not A Member Of The Exchange.
Non-Member Firm.
An Entity To Which Membership Privileges On The Exchange Have Not Been Conferred.
North America Electric Reliability Council (Nerc)
A Group Formed In 1968 By The Electric Utility Industry To Promote The Reliability And Adequacy Of Bulk Power Supply In The Electric Utility Systems Of North America. Nerc Consists Of 10 Regional Reliability Councils And Encompasses Essentially All The Power Regions Of The Contiguous United States, Canada, And Mexico.
A Discretionary Note On An Order Telling The Floor Broker That He Or She Won'T Be Held Accountable If The Trade Is Executed Outside The Requirements Of The Order.
Except As Otherwise Specifically Provided, A Notice In Writing Emailed To Or Personally Served Upon The Person To Be Notified, Left At His Usual Place Of Business During Business Hours Or Mailed By U. S. First Class Mail, Certified Mail, Registered Mail Or By Overnight Delivery To His Last Known Place Of Business Or Residence.
Notice Day.
The Day The Buyer With The Oldest Long Position Is Matched With The Seller'S Intent And Both Parties Are Notified Of Delivery Obligations.
Notional Value.
The underlying value (face value), normally expressed in U. S. dollars, of the financial instrument or commodity specified in a futures or options on futures contract.
Octane Number.
A Measure Of The Resistance Of Gasoline To Pre-Ignite Or Knock When Burned In An Internal Combustion Engine.
Offer (Ask Or Sell)
An offer to sell a specific quantity of a commodity at a stated price. (Opposite of a bid.)
Off-Peak (Energy)
The load for the remaining hours that are not on-peak (See on-peak).
To remove an open position from an account by establishing a position equal to or opposite the existing position, making or taking delivery, or exercising an option (i. e., selling if one has bought, or buying if one has sold.
Offsetting a Hedge.
For a short hedger, to buy back futures and sell a commodity. For a long hedger, to sell back futures and buy a commodity. Also called lifting a hedge.
Omnibus Account.
An account of one Futures Commission Merchant (FCM), the originating FCM, which resides on the books of another FCM (the carrying FCM), in which the transactions of two or more persons are combined and carried in the name of the originating FCM rather than in the name of the individual customers.
On-Peak (Energy)
Refers To Hours Of The Business Day When Demand Is At Its Peak. For Example, The Nymex Division California-Oregon Border And Palo Verde Electricity Futures Contracts Define The On-Peak Period From The Hour Ending 0700 To The Hour Ending 2200 (6 A. M. To 10 P. M.), Prevailing Time. In The Physical Market, On-Peak Definitions Vary By North America Electric Reliability Corporation Region.
One-Cancels-Other (OCO) Order.
A combination of two orders, in which the execution of either one automatically cancels the other.
The Period At The Beginning Of The Trading Session Officially Designated By The Exchange During Which All Transactions Are Considered Made "At The Opening."
Opening Price.
The Price At Which The First Transaction Was Completed.
Opening Range.
The Price Range Recorded During The Period Designated By The Exchange As The Official Opening.
Interesse aberto.
The total number of futures contracts long or short in a delivery month or market that has been entered into and not yet offset or fulfilled by delivery Also known as Open Contracts or Open Commitments. Each open transaction has a buyer and a seller, but for calculation of open interest, only one side of the contract is counted.
Open Market Operation.
The buying and selling of government securities Treasury bills, notes, and bonds by the Federal Reserve.
Open Order.
An order that remains good until filled, canceled, or eliminated. See Good-'till-canceled.
Open Order (Good-till-Cancelled)
An order which remains in force until cancelled. Without such designation, all unfilled orders are cancelled at the end of the Regular Trading Hours Session.
Open Outcry.
A method of public auction for making bids and offers in the trading pits of futures exchanges.
Posição aberta.
A long or short position that has not been liquidated.
The period at the beginning of the trading session officially designated by the exchange during which all transactions are considered made "at the opening."
Opening Only Order.
An order that is to be executed during the time period designated by the Exchange as the Regular Trading Hours session opening range time period. Any remaining unfilled quantity not executed during the time period designated as the opening range will be deemed cancelled.
Opening Price.
The price at which the first transaction was completed.
Opening Range.
The price range recorded during the period designated by the exchange as the official opening.
A contract that gives the bearer the right, but not the obligation, to buy or sell a futures contract at a specified price within a specified time period.
Option Buyer.
One who purchases an option and pays a premium.
Option Buyer.
One Who Purchases An Option And Pays A Premium.
Contrato de opção.
A contract that gives the bearer the right, but not the obligation, to be long or short a futures contract at a specified price within a specified time period. The specified price is called the strike price. The futures contract that the long may establish by exercising the option is referred to as the underlying futures contract.
Opção Premium.
The price a buyer pays for an option. Premiums are arrived at through open competition between buyers and sellers on the trading floor of the exchange.
Option Seller (Writer)
One who sells an option and receives a premium.
Options Series.
All options of the same class which share a common strike price.
Or Better Order (OB)
Order Qualifier That Instructs A Broker To Fill An Order At A Specific Price Or Better.
A request by a trader to buy or sell a given futures instrument with specified conditions such as price, quantity, type of order.
Order-Cancels-Order (OCO)
An Order Qualifer That Consists Of Two Linked Orders, Typically (But Not Always) A Limit Order And A Stop Order, That Both Work Until One Order Is Filled, At Which Time The Other Order Is Canceled.
Order to Pay.
A payment guarantee provided by a buyer's (or in some cases, the seller's) paying bank to CME's agent bank to guarantee payment on a currency delivery transaction. Orders to Pay are due by 1:00 p. m. on the day following the last day of trading in currencies.
Tipos de Pedidos.
(Note that not all order types are eligible for execution in a trading pit on Globex and through open outcry. Additionally, order types eligible for both venues may have different meanings depending on whether the order is to be executed in a trading pit via open outcry or through Globex.)
Open Outcry Order Types.
All-or-none (AON) Order.
An order to be executed in designated contracts in a trading pit via open outcry only for its entire quantity at a single price, with a size at or above a predetermined threshold.
Disregard Tape (DRT) or Not-Held Order.
Absent any restrictions, a "DRT" (Not-Held Order) means any order giving a person complete discretion over price and time in execution of the order, including discretion to execute all, some, or none of the order. A member or clearing member shall not accept an order containing the phrase "with a tick, you are held" (or similar such language). It is understood that a floor broker may trade for his own account while holding such an order without violating Rule 530 (“Priority of Customers’ Orders”) provided the customer has previously consented in writing and evidence of such general consent is indicated on the order with the “WP” (with permission) designation.
An instruction to the clearing firm to enter a stop order after execution of a previous order has been achieved.
Fill Or Kill (FOK) Order.
A designation, added to an order, instructing the broker to fill the order immediately in its entirety or not all. If the order is not filled immediately in its entirety, it is cancelled.
Ordem de limite.
An order with instructions to be executed at a specific price ("limit price") or better.
Market (MKT) Order.
An order with instructions to be executed upon receipt by a floor broker at the best available price.
Market If Touched (MIT) Order.
A sell (buy) order placed above (below) the market which becomes a market order when the designated price is touched.
Market On Close (MOC) Order.
An order to be executed as a market order only in the closing range.
One-Cancels-Other (OCO) Order.
A combination of two orders, in which the execution of either one automatically cancels the other.
Open Order (Good-Til-Canceled)
An order which remains in force until cancelled. Without such designation, all unfilled orders are cancelled at the end of the Regular Trading Hours Session.
Opening Order Only.
An order that is to be executed during the time period designated by the Exchange as the Regular Trading Hours session opening range time period. Any remaining unfilled quantity not executed during the time period designated as the opening range will be deemed cancelled.
Stop Order.
An order which becomes a market order when the price designated on the order (the "Stop Price") is elected as described below.
A "Buy Stop" order is placed above the market, and is elected only when the market trades at or above, or is bid at or above, the Stop Price. A "Sell Stop" order is placed below the market, and is elected only when the market trades at or below, or is offered at or below, the Stop Price.
Stop-Close-Only Order.
A stop order which is in effect only during the closing range. It becomes a market order if, during the closing range, the market: (1) in the case of a Buy Stop-Close Only order, trades at or above, or is bid at or above the Stop Price; or (2) in the case of a Sell Stop-Close Only order, trades at or below, or is offered at or below the Stop Price.
Stop Limit Order.
A stop order which becomes executable at its limit price or better, when and if the market: (1) in the case of a Buy Stop Limit order, trades at or above, or is bid at or above the Stop Price; or (2) in the case of a Sell Stop Limit order, trades at or below, or is offered at or below the Stop Price.
Globex Order Types.
The availability of specific Globex Order Types is dependent on the product, and not all Order Types are available for all products. Supported Order Types by Product are set forth in the Globex Reference Guide (cmegroup/globex/files/GlobexRefGd. pdf)
Combination Order.
A combination of buy and/or sell orders for the same account or accounts with the same ownership, except as provided by Rule 527, at a fixed differential or by some other appropriate pricing convention.
Hidden Quantity Order.
An order which displays only a small portion of the order to the marketplace. When the displayed quantity has been filled, another portion of the order will then be displayed to the marketplace.
Ordem de limite.
An order to be executed at a specific price ("limit price") or better.
Market With Protection Order.
An order to execute as much of order as possible at the best current offer price (for buy orders) or bid price (for sell orders) within a range of prices predefined by the Exchange (the protected range). Any quantity which cannot be filled within the protected range will remain in the order book as a limit order at the limit of the protected range.
Minimum Quantity Order.
An order which is executed only if a certain minimum quantity of that order can be immediately matched.
Stop Limit Order.
An order which becomes eligible for execution at its limit price or better when the market trades at or above the stop price in the case of a buy stop limit order or at or below the stop price in the case of a sell stop limit order.
Stop With Protection Order.
An order which becomes eligible for execution when the designated price (the stop price) is traded on Globex. Such orders are filled only within a range of prices predefined by the Exchange (the protected range). When the stop price is triggered, the order enters the order book as a limit order with the limit price equal to the trigger price plus or minus the predefined protected range. Any quantity which cannot be filled within the protected range will remain in the order book as a limit order at the limit price.
Globex Order Duration Qualifiers.
An order eligible to be entered into Globex that does not contain a duration qualifier will be cancelled if not filled during the Trading Day in which it was received or, if it was received between Trading Days, during the next Trading Day. An order may specify one of the following duration qualifiers:
An order that will be canceled if not filled by the conclusion of the Globex trade date for which it was entered.
Fill And Kill.
An order immediately filled in whole or in part at the specified price, with any remaining quantity canceled or eliminated.
Good 'Til Canceled (GTC)
An order which will remain in force until executed, cancelled or the contract expires.
Good 'Til Date (GTD)
An order which will remain in force through a specified trade date unless executed or canceled, or until the contract expires.
Order-Cancels-Order (OCO)
An order qualifer that consists of two linked orders, typically (but not always) a Limit order and a Stop order, that both work until one order is filled, at which time the other order is canceled.
The Type Of Account (House, Customer, Or Customer Non-Segregated) For Which A Trade Was Executed. Also See Segregation Type.
A Planned Outage Is The Shutdown Of A Generating Unit, Transmission Line, Or Other Facility For Inspection And Maintenance, In Accordance With An Advance Schedule. A Forced Outage Is The Unplanned Loss Of Service Of A Generating Unit, Transmission Line, Or Other Facility For Purposes Other Than Inspection And Maintenance.
Out-of-the-Money.
A term used to describe an option that has no intrinsic value. A call option with a strike price higher (or a put with a strike price lower) than the current market value of the underlying futures commodity. Since it depends on current prices, an option can vary from in the money to out of the money with market price movements during the life of the options contract.
Over-the-Counter (OTC) Market.
A market in which custom-tailored contracts such as stocks and foreign currencies are bought and sold between counterparties and are not exchange traded.
Over-the-Counter-Derivative.
Futures and options contracts with terms that do not necessarily adhere to those of a standardized futures contract.
Over-the-Counter-Trading.
Trades that take place outside of a formal futures exchange.
Overbought
A technical opinion of a market which has risen too high in relation to underlying fundamental factors.
A technical opinion of a market which has fallen too low in relation to underlying fundamental factors.
Over The Counter (Otc) Market.
A Market In Which Custom-Tailored Contracts Such As Stocks And Foreign Currencies Are Bought And Sold Between Counterparties And Are Not Exchange Traded.
The simultaneous purchase or sale of an equally weighted, consecutive series of four futures contracts, quoted on an average net change basis from the previous day's settlement price. Packs provide a readily available, widely accepted method for executing multiple futures contracts with a single transaction.
A Subcommittee Selected In Accordance With Committee Procedure To Adjudicate Or Make A Particular Determination. A Decision Of A Panel Shall Be Deemed A Decision Of The Committee.
An Individual Appointed To An Exchange Committee Who Is Entitled To Participate In A Decision On Any Matter Under Consideration By The Committee Or Panel Thereof.
Paper Barrels.
A Term Used To Denote Trade In Non-Physical Oil (Futures, Forwards, Swaps, Etc.) Markets Which Give A Buyer Or Seller The Right To A Certain Quantity And Quality Of Crude Oil Or Refined Products At A Future Date, But Not To Any Specific Physical Lot.
The Grade Or Grades Specified In A Given Futures Contract For Delivery. A Contract May Permit Substitutions For And Deviations From The Par Grade Subject To Specified Premiums Or Discounts. Also Know As Basis Grade.
Participating Exchange.
An Exchange Or Clearing House That Has Entered Into A Business Relationship With The Exchange For Clearing, Order Routing Or Any Other Business Purpose.
Partner Clearinghouse.
The Term “Partner Clearinghouse” Means A Derivatives Clearing Organization Or A Clearinghouse Which Has Agreed To Act In Concert With The Exchange To Facilitate Clearance Of Security Futures Products As Defined Herein. A Partner Clearinghouse Shall Be Considered A Clearing Member For Purposes Of The Rules Except To The Extent Otherwise Provided In An Agreement Between The Exchange And The Partner Clearinghouse.
Payment-In-Kind Program.
A Government Program In Which Farmers Who Comply With A Voluntary Acreage-Control Program And Set Aside An Additional Percentage Of Acreage Specified By The Government Receive Certificates That Can Be Redeemed For Government-Owned Stocks Of Grain.
Performance Bond.
The minimum amount of funds that must be deposited as a performance bond by a customer with his broker, by a broker with a clearing member or by a clearing member with the Clearing House.
Performance Bond Call.
A request from a brokerage firm to a customer to bring performance bond deposits up to minimum levels or a request by CME Clearing to a clearing firm to bring clearing performance bonds back to levels required by the Exchange Rules. Most exchanges refer to this as a "margin call."
Performance Bond To Clearing House.
The minimum dollar deposit required by CME Clearing from its clearing members in accordance with their positions. This is one of the financial safeguards that help to ensure that clearing members (usually companies or corporations) perform on their customers' open futures and options contracts.
It Shall Include The Singular Or Plural, And Individuals, Associations, Partnerships, Corporations And Trusts.
Petrochemical.
An Intermediate Chemical Derived From Petroleum, Hydrocarbon Liquids, Or Natural Gas, Such As Ethylene, Propylene, Benzene, Toluene, And Xylene.
A Generic Name For Hydrocarbons, Including Crude Oil, Natural Gas Liquids, Refined, And Product Derivatives.
Petroleum Administration For Defense Districts (PADD)
The United States is divided into five distinct marketing regions in which prices might differ due to variations in the supply or demand.
Physical Commodity.
A tangible commodity—such as corn, oil, gold or beef—upon which futures prices are set.
Typically At Expiration, The Risk To A Trader Who Has Sold An Option That Has A Strike Price Identical To, Or Pinned To, The Underlying Futures Price. In This Case, The Trader Will Not Know Whether He Will Be Required To Assume His Options Obligations.
A Pipe Through Which Oil Or Natural Gas Is Pumped Between Two Points, Either Offshore Or Onshore.
The area on the trading floor of where trading in a specific futures or options contracts is conducted by open outcry.
Plain Vanilla Swap.
An individual simultaneously buys and sells the same amount of the same currency with the same counterparty, with the two legs of the transaction maturing on different dates and trading at different exchange rates.
Point and Figure Chart.
A graph of prices charted where Xs denote price increases and Os represent price decreases. A method used by technical analyst to help anticipate price movement.
An obligation to perform in the futures or options market. A long position is an obligation to buy at a specified date in the future. A short position is an obligation to sell at a specified date in the future. However a vast majority of all open positions are simply offset prior to expiration. See also call option and put option.
Position Adjustment.
The position adjustment may increase or decrease a position in a given contract and origin by equal quantities long and short to correct discrepancies in position reporting. The adjustment is made to reconcile out of balance trade conditions between clearing records and transaction records.
Position Limit.
The maximum number of speculative futures contracts one can hold as determined by the Commodity Futures Trading Commission and/or the exchange upon which the contract is traded. Also referred to as trading limits.
Position Trader.
A trader who takes a position in anticipation of a longer term trend in the market. Unlike a day trader a position trader hopes to maintain the position over a longer period of time.
Posted Price (Energy)
The Price Some Refiners Will Pay For Crude Of A Certain Api Gravity From A Particular Field Or Area.
Pour Point.
A Temperature 5 Degrees Fahrenheit Higher Than The Temperature At Which Crude Oil Or A Refined Product Stops Flowing.
Power Marketer.
A Wholesale Power Entity That Has Registered With The Federal Energy Regulatory Commission To Buy And Sell Wholesale Power From And To Each Other And Other Public Entities At Market-Derived Prices. Power Marketing Companies Include Investor-Owned, Utility-Affiliated Companies; Natural Gas Marketing Companies; Financial Intermediaries; Independent Power Producers; And Entrepreneurs. Typically, Power Marketers Do Not Own Generating Facilities.
(1) The price paid by the purchaser of an option to the grantor (seller);(2) The amount by which a cash commodity price trades over a futures price or another cash commodity price.
The President Of The Exchange, Or One Duly Authorized To Act In Lieu Of And With The Authority Of The President.
President Of The Clearing House.
The President Of The Clearing House, Or One Duly Authorized To Act In Lieu Of And With The Authority Of The President Of The Clearing House.
Price Discovery.
The process of determining the price for a commodity or financial instrument based on the supply and demand for it in the underlying market.
A chart pattern of the price movement of a commodity when the low price of one bar on a Bar Chart is higher than the high of the preceding bar (or inversely, the high is lower than the low of the preceding bar); depicting a price or price range where no trades take place. The price patterns are used by technical analysts to try to recognize changes in a price trend.
Price Limit.
The maximum daily price fluctuations on a futures contract during any one session, as determined by the Exchange. (Also known as limit).
Transparência de Preços.
Market prices that are universally available in real time, where all market participants have equal access to the same markets and prices at the same time. This facilitates a fair and anonymous trading environment where the best bid and best offer have priority. A level playing field.
Primary Dealer.
A designation given by the Federal Reserve System to commercial banks or broker/dealers who meet specific criteria. Among the criteria are capital requirements and meaningful participation in the Treasury auctions.
Mercado Primário.
(1) For producers, their major purchaser of commodities; (2) in commercial marketing channels, an important center at which spot commodities are concentrated for shipment to terminal markets; and (3) to processors, the market that is the major supplier of their commodity needs.
Primary Stocks (Energy)
Stocks of crude oil or refined products held in storage at leases, refineries, natural gas processing plants, pipelines, tankfarms, and bulk terminals that can store at least 50,000 barrels of refined products.
A melhor tarifa.
Interest rate charged by institutional banks to their larger most creditworthy customers.
Processing Plant (Energy)
Plant Which Separates Natural Gas Into Methane And The Various Other Gases (E. G., Propane, Butane, Ethane).
Producer Price Index (PPI)
A Measure Of The Average Change In Prices Received By Domestic Producers For Their Output. Most Of The Data Is Collected Through A Systematic Sampling Of Producers In Manufacturing, Mining, And Service Industries, And Is Published Monthly By The Bureau Of Labor Statistics.
Prompt Barrel (Energy)
Liquid Petroleum Product Which Will Move Or Become Available Within Three To Four Days.
A Natural Hydrocarbon Occurring In A Gaseous State Under Normal Atmospheric Pressure And Temperature, However, Propane Is Usually Liquefied Through Pressurization For Transportation And Storage. Propane Is Primarily Used For Rural Heating And Cooking And As A Fuel Gas In Areas Not Serviced By Natural Gas Mains And As A Petrochemical Feed Stock.
Pump Over (Energy)
An Intra, Or Inter-Facility Transfer. For Example, When One Pipeline Pumps Crude Oil Or Refined Products From Its Tanks Or Mainline Into The Mainline Or Storage Tank Of The Receiving Pipeline.
Purchase and Sales (P&S) Statement.
A statement issued by an FCM to a customer when his or her futures or options position has changed, showing the number of contracts involved, the prices at which the contracts were bought or sold, the gross profit or loss, the commission charges, and the net profit or loss on the transactions.
Data de compra.
The date on which a long position, used to assign agricultural deliveries, is established on a clearing firm's books.
Pure Hedger.
A person who places a hedge to lock in a price for a commodity. He or she offsets the hedge and transacts in the cash market simultaneously.
Opção de colocação.
A contract that provides the purchaser the right (but not the obligation) to sell a futures contract at an agreed price (the strike price) at any time during the life of the option. A put option is purchased in the expectation of a decline in price.
The time for which the order is valid FAK, Session, FOK, Day, GTC, GTD. Validity field options. See CME Globex Order Duration Qualifiers.
Qualifying Facility (QF)
A Generator Or Small Power Producer That Meets Certain Ownership, Operating, And Efficiency Criteria Established By The Federal Energy Regulatory Commission, And Has Filed With Ferc For Qf Status Or Has Self-Certified. Qfs Are Physical Generating Facilities.
Number of units or lots of a futures contract. Sometimes also called size.
(1) The actual price, bid, or asked price of either cash commodities or futures contracts; (2) An indication of current bids and offers in the market on a particular instrument or spread.
Moeda de cotação.
Currency Being Used To Pay For The Transaction.
A market reaction resulting in an upward movement of prices. The opposite of a decline.
The difference between the highest and lowest prices recorded during a given time period, trend, or trading session.
Ratio Spread.
This strategy, which applies to both puts and calls, involves buying or selling options at one strike price in greater number than those bought or sold at another strike price.
Reciprocal Of European Terms.
One method of quoting exchange rates, which measured the U. S. dollar value of one foreign currency unit, i. e., U. S. dollars per foreign units. See European Terms.
An Act Carried Out By A Seller Who Has Tendered A Live Cattle Delivery Certificate That The Assigned Buyer Has Retendered. A Seller Will Do This To Collect The Retender Fee. To Reclaim, The Original Seller Establishes A Long Position In The Pit And Submits A Reclaim Notice. If No One Demands The Certificate Of Delivery, The Seller Takes Assignment Of His Own Retendered Certificate And Collects The Accrued Retender Fee, Thus Eliminating The Delivery Obligation.
Preço de referência.
The Price Of Future Contract Used As "Reference" E. G., For Determining An Opening Price, Starting An Algorithm, Or Figuring Into An Index; Is Usually The Settlement Price Or Last Closing Price.
Reference Regular Trading Hours.
For A Contract'S Cme Globex Trading Hours On A Given Calendar Day Beginning After That Contract'S Rth Session On That Calendar Day And Ending No Later Than 4:00 P. M., Chicago Time, On That Same Calendar Day, The Reference Regular Trading Hours (Rth) Session Is That Contract'S Second-Previous Rth Session. For A Contract'S Cme Globex Trading Hours Beginning At Or After 4:00 P. M., Chicago Time, And Ending No Later Than The Start Of That Contract'S Next Rth Session, The Reference Regular Trading Hours (Rth) Session Is That Contract'S Previous Rth Session.
Refiner-Distributor.
A Company That Acts As A Wholesaler Of Gasoline, Heating Oil, Or Other Products Which Operates Its Own Refinery; May Also Retail And Buy Additional Supplies To Supplement Its Own Refining Output.
A company that acts as a wholesaler of gasoline, heating oil, or other products which operates its own refinery; may also retail and buy additional supplies to supplement its own refining output.
Reforming Process.
The Use Of Heat And Catalysts To Effect The Rearrangement Of Certain Hydrocarbon Molecules Without Altering Their Composition Appreciably; For Example, The Conversion Of Low-Octane Naphthas Or Gasolines Into High-Octane Number Products.
Registered Representative.
A Person Employed By, And Soliciting Business For, A Commission House Or Futures Commission Merchant. See Also Associated Person.
Regular Trading Hours (RTH)
Those hours designated for open outcry trading of the relevant product as determined from time to time.
Reporting Levels.
Sizes of positions set by the exchanges and/or the CFTC at or above which commodity traders or brokers who carry these accounts must make daily reports about the size of the position by commodity, by delivery month, and whether the position is controlled by a commercial or non-commercial trader.
Repurchase Agreement or Repo.
An agreement between a seller and a buyer, usually in U. S. government securities, in which the seller agrees to buy back the security at a later date.
Request For Quote (RFQ)
An electronic message disseminated on Globex for the purpose of soliciting bids or offers for specific contract(s) or combinations of contracts.
Reserve Requirements.
The minimum amount of cash and liquid assets as a percentage of demand deposits and time deposits that member banks of the Federal Reserve are required to maintain.
Residual Fuel Oil.
Heavy Fuel Oil Produced From The Residue In The Fractional Distillation Process Rather Than From The Distilled Fractions.
Resistance Line.
The place on a chart where the selling of futures contracts is sufficient to halt a rise in prices.
Resting Order.
An order away from the market, waiting to be executed.
An act that an assigned long may perform to avoid obligation to receive delivery of live cattle. To avoid obligation, the assigned long must establish a short position on the business day following assignment and pay a retender fee.
Retracement.
A price move in the opposite direction of a recent trend.
Reverse Crush Spread.
The sale of soybean futures and the simultaneous purchase of soybean oil and meal futures.
(1)The possibility of loss. (2) The dollar difference between the current price and the price at which the liquidation of open positions would occur. (3) The portion of the performance bond requirement associated with the likely worst case change in value from one day to the next.
Gerenciamento de riscos.
Identifying, analyzing and either mitigating or absorbing the price risk in investing or business planning.
As pertaining to an existing futures position, exiting your current delivery month and entering the next expiring month. For example, if long a December contract, offsetting that position (by selling) and entering a postion in the next expiration (by buying).
A completed transaction involving both a purchase and a liquidating sale, or a sale followed by a covering purchase. A round turn counts both the buy and the sell as one event. In a typical exchange volume measurement, a one-contract trade would be counted as one round turn (i. e., single event, same trade, different customers). From the customer's perspective, a round turn represents two filled orders from his or her brokerage firm - one to take a position and one to offset that position (i. e., same customer, different trades).
The Certificate of Incorporation, By-Laws, rules, interpretations, orders, resolutions, advisories, notices, manuals and similar directives of the Exchange, and all amendments thereto. The trading and clearing of all Exchange futures, options on futures, cleared-only and spot contracts shall be subject to the rules.
Runaway Gap.
A gap in prices after a trend has begun that signals the halfway point of a market move.
Messengers Who Rush Orders Received By Phone Clerks To Brokers For Execution In The Pit.
To trade for small gains. Scalping normally involves establishing and liquidating a position quickly, usually within secconds.
A speculator on an exchange floor who trades in and out of the market on very small price fluctuations. The scalper, trading in this manner, provides market liquidity but seldom carries a position overnight.
Secondary Market.
Market where previously issued securities are bought and sold.
Security Futures Products.
A contract based on securities products as such term is defined by 1a(32) of the Commodity Exchange Act. Security Futures Products (“SFPs”) include futures contracts based upon a single security (or “stock futures”); futures contracts based upon a narrow-based security index; and, options on any security futures as those terms are defined in Sections 1a(25) and 1a(31) of the Commodity Exchange Act.
Segregation Type.
The account which holds open position for customer (segregated), for the house (non-segregated), and for customer non-segregated origins.
Self-Regulatory Organization (SRO)
Futures exchanges and regulatory entities that set rules and regulations and have internal functions that perform complex checks and balances to adhere to the principles they set.
A person who takes a short futures position or grants (sells) a commodity option. An option seller is also called a marker, grantor, or granter, or writer.
Seller's Market.
A condition of the market in which there is a scarcity of goods available and hence sellers can obtain better conditions of sale or higher prices. Opposite of buyer's market.
Selling Climax.
An extraordinarily high volume occurring suddenly in a downtrend, signaling the end of the trend.
Selling Hedge or Short Hedge.
Selling futures contracts to protect against possible declining prices of commodities that will be sold in the future. At the time the cash commodities are sold, the open futures position is closed by purchasing an equal number and type of futures contracts as those that were initially sold. The practice of offsetting the price risk inherent in any cash market position by taking an equal but opposite position in the futures market. Hedgers use the futures markets to protect their business from adverse price changes.
Serial Options.
Options for months for which there are no futures contracts. The underlying futures contract for a serial option month would be the next nearby futures contract.
Assentamento.
The delivery of cash or commodities in exchange for payment, as specified by the terms of the underlying contract.
Settlement Price.
The official daily closing price of futures and options on futures contracts, as determined in accordance with Rule 813, used by the Clearing House for marking all open positions at the close of the daily settlement cycle.
Settlement Variation.
The change in dollar amount calculated by the Clearing House for clearing members figured to the daily settlement price on the basis of their positions.
A Seek Limit order has a price limit automatically assigned (up to the fifth best price level) to the order when sent and seeks to fill the entire quantity. Available only on CME Globex Trader.
An open futures or options position where you have been a net seller. The opposite of being long.
Short Hedge.
The sale of a futures contract in anticipation of a later cash market sale. Used to eliminate or minimize the possible decline in value of ownership of an approximately equal amount of the cash financial instrument or physical commodity. See hedge.
Short-Term Interest Rates.
Interest Rates On Loan Contracts--Or Debt Instruments Such As Treasury Bills, Bank Certificates Of Deposit, Or Commercial Paper--Having Maturities Of Less Than One Year. Often Called Money Market Rates.
Short The Basis.
Position where a hedger is short the cash market and long the futures market.
Short-Term Interest Rates.
Interest rates on loan contracts--or debt instruments such as Treasury bills, bank certificates of deposit, or commercial paper--having maturities of less than one year. Often called money market rates.
Each buy and sell represents ½ of a trade. Every contract that trades has two sides - the buy side and the sell side. Taken together, these two sides equal one unit of volume known as a round turn.
Side-by-Side Trading.
Where a single futures contract trades in two locations at the same time. Usually on a trading floor via open outcry as well as on an electronic trading platform.
Single-Stock Futures (SSF)
OneChicago, LLC is a joint venture created by Chicago Mercantile Exchange® (CME), Chicago Board of Options Exchange® (CBOE), and Chicago Board of Trade® (CBOT), to trade single stock futures (SSF) and narrow-based stock indexes.
Natural Gas Found With A Sufficiently High Quantity Of Sulfur To Require Purifying Prior To Shipment Or Use.
Sour Or Sweet Crude.
Industry Terms Which Denote The Relative Degree Of A Given Crude Oil'S Sulfur Content. Sour Crude Refers To Those Crudes With A Comparatively High Sulfur Content, 0.5% By Weight And Above; Sweet Refers To Those Crudes With Sulfur Content Of Less Than 0.5%.
Span® Performance Bond System.
The Standard Portfolio Analysis of Risk (SPAN) Performance Bond System). A program that determines portfolio performance bond requirements for futures, options, cash, and other instruments. SPAN is a portfolio based approach to risk management and performance bond calculations. CME Clearing uses SPAN to calculate overnight margin for it’s clearing firms and clearing firms use SPAN to margin their customers.
Spark Spread.
The Spark Spread Reflects The Costs Or Anticipated Costs Of Producing Power From A Specific Facility. It Can Be Used As A Method Of Converting Millions Of Btus To Megawatt Hours And Vice Versa, And Thus Relates Well To The Electricity And Natural Gas Futures Contracts. The Spread Is Simply The Heat Rate (A Proxy For Efficiency) Of A Specific Generating Unit Or Power System (The Number Of Btus Needed To Make One Kilowatt Hour Of Electricity), Multiplied By The Cost Of Energy Expressed As Dollars Per British Thermal Units (Btus). For Example, If It Takes 10,000 Btus To Make One Kilowatt Hour Of Electricity, The Formula Can Be Simplified By Multiplying The Price Per Million Btus (Mmbtu) By 10 To Equate One Mmbtu Of Natural Gas To One Megawatt Hour (Mwh) Of Electricity. The Usefulness Of The Spread Evaluation Is Dependent On The Market Price For Power Which Reflects The Relationship Of The Supply And Demand For Power, Not The Efficiencies Of The Generating Units. Other Costs Affecting The Price Of Power Using The Spark Spread Evaluation Include Those Of Gas Transportation, Power Transmission, Plant Operations And Maintenance, And Fixed Costs. Because The Electricity Futures Contract Is Specified In Lots Of 736 Megawatt Hours, And The Natural Gas Futures Contracts Are Specified In Units Of 10,000 Million Btus, One Power Contract Equates To 0.736 Natural Gas Contracts.
Especificações.
1) Contract Terms Specified By The Exchange. 2) Term Referring To The Properties Of A Given Crude Oil Or Refined Petroleum Product, Which Are "Specified" Since They Often Vary Widely Even Within The Same Grade Of Product. In The Normal Process Of Negotiation, Seller Will Guarantee Buyer That The Product Or Crude To Be Sold Will Meet Certain Specified Limits. Generally, The Major Properties Of Oil That Are Guaranteed Are Api Gravity, Sulfur, Pour Point, Viscosity, And Bs&W.
Specific Gravity.
The ratio of the density of a substance at 60 degrees Farenheit to the density of water at the same temperature.
Especificações.
1) Contract terms specified by the Exchange. 2) Term referring to the properties of a given crude oil or refined petroleum product, which are "specified" since they often vary widely even within the same grade of product. In the normal process of negotiation, seller will guarantee buyer that the product or crude to be sold will meet certain specified limits. Generally, the major properties of oil that are guaranteed are API gravity, sulfur, pour point, viscosity, and BS&W.
Limite de posição especulativa.
The maximum position, either net long or net short, in one commodity futures or options, or in all futures or options of one commodity combined, which may be held or controlled by an entity without a hedge exemption as prescribed by an exchange or the Commodity Futures Trading Commission.
Speculator.
An individual who accepts market risk in an attempt to profit from buying and selling futures and/or options contracts by correctly anticipating future price movements.
The actual physical commodity as distinguished from the futures contract that is based on the physical commodity. Also referred to as “cash commodity.”
Mercado Spot.
The market in which cash transactions for the physical commodity occurs -- (cattle, currencies, stocks, etc.) are bought and sold for cash and delivered immediately.
Spot Month.
The contract month of a futures contract which is also the current calendar month.
Spot Price.
The price at which a physical commodity for immediate delivery is selling at a given time and place. The cash price.
The price difference between two contracts. Holding a long and a short position in two or more related futures or options on futures contracts, with the objective of profiting from a change in the price relationship.
Spread Order Or Combination Order.
A combination of buy and/or sell orders for the same account, except as provided by Rule 527, at the market, at a fixed differential or by some other appropriate pricing convention. Also referred to as a combination order.
Desvio padrão.
A representation of the risk associated with a financial instrument (stocks, bonds, etc.) or a portfolio of investments. The larger the standard deviation in a given period, the greater implied risk. Risk is an important factor in determining how to efficiently manage investments and understanding the standard deviation gives investors a statistical basis for their decisions.
Steer/Corn Ratio.
The relationship of cattle prices to feeding costs. It is measured by dividing the price of cattle ($/hundredweight) by the price of corn ($/bushel). When corn prices are high relative to cattle prices, fewer units of corn equal the dollar value of 100 pounds of cattle. Conversely, when corn prices are low in relation to cattle prices, more units of corn are required to equal the value of 100 pounds of beef. A ratio used to express the relationship of feeding costs to the dollar value of livestock.
Stock Index.
A statistic reflecting the composite value of a selected group of stocks. How a particular stock index tracks the overall market depends on the sampling of stocks, the weighing of individual stocks, and the method of averaging used to establish the index. Many indexes are used to benchmark the performance of portfolios such as mutual funds.
Stop Close Only.
A stop order that is executed only if the stop price is triggered during the closing range of the trading session.
Stop Limit Order (STL)
A stop order which becomes executable at its limit price or better, when and if the market: (1) in the case of a Buy Stop Limit order, trades at or above, or is bid at or above the Stop Price; or (2) in the case of a Sell Stop Limit order, trades at or below, or is offered at or below the Stop Price.
Stop Order (STP)
An order that becomes a market order when a particular price level is reached. A sell stop is placed below the market; a buy stop is placed above the market. Sometimes referred to as Stop Loss Order.
Stop With Protection.
Electronic stop orders at CME Group are implemented using a “Stop with Protection” approach. Unlike a conventional Stop order, where customers are at risk of having their orders filled at extreme prices, Stop with Protection orders are filled within a predefined range of prices (the protected range). A Stop with Protection order is triggered when the designated price is traded on the market. The order then enters the order book as a Limit order with the limit price equal to the trigger price, plus or minus the pre-defined protected range. The protected range is typically the trigger price, plus or minus 50 percent of the No Bust range for that product. The order is executed at all price levels between the trigger and limit price. If the order is not completely filled, the remaining quantity rests in the market at the limit price. A buy Stop order must have a trigger price greater than the last traded price for the instrument. A sell Stop order must have a trigger price lower than the last traded price.
Storage Gain.
The Selling Price Received After Storage Minus The Previous Harvest Market Price.
The purchase or sale of an equal number of puts and calls, with the same strike price and expiration dates. A long straddle is a straddle in which a long position is taken in both a put and a call option. A short straddle is a straddle in which a short position is taken in both a put and a call option.
The purchase of a put and a call, in which the options have the same expiration and the put strike is lower than the call strike, called a long strangle. Also the sale of a put and a call, in which the options have the same expiration and the put strike is lower than the call strike, called a short strangle.
Preço de Ataque.
The terms "exercise price", "strike price" and "striking price" shall be synonymous and mean the price at which the futures contract underlying the options contract will be assigned upon exercise of the option. For options contracts which are exercised into multiple futures contracts, the exercise price represents the spread price differential between the futures contracts.
Striking Price.
The terms "exercise price", "strike price" and "striking price" shall be synonymous and mean the price at which the futures contract underlying the options contract will be assigned upon exercise of the option. For options contracts which are exercised into multiple futures contracts, the exercise price represents the spread price differential between the futures contracts.
The simultaneous purchase (or sale) of futures positions in consecutive months. The average of the prices for the futures contracts bought (or sold) is the price level of the hedge. A six-month strip, for example, consists of an equal number of futures contracts for each of six consecutive contract months. Also known as a calendar strip.
The quantity of a commodity that producers are willing to provide to the market at a given price.
The place on a chart where the buying of futures contracts is sufficient to halt a price decline.
A custom-tailored, individually negotiated transaction designed to manage financial risk, usually over a period of one to 12 years. Swaps can be conducted directly by two counterparties, or through a third party such as a bank or brokerage house. The writer of the swap, such as a bank or brokerage house, may elect to assume the risk itself, or manage its own market exposure on an exchange. Swap transactions include interest rate swaps, currency swaps, and price swaps for commodities, including energy and metals. In a typical commodity or price swap, parties exchange payments based on changes in the price of a commodity or a market index, while fixing the price they effectively pay for the physical commodity. The transaction enables each party to manage exposure to commodity prices or index values. Settlements are usually made in cash.
Simultaneous purchase and sale of currencies or interest rate products in spot and forward market transactions.
Synthetic Call Option.
A combination of a long futures contract and a long put, called a synthetic long call. Also, a combination of a short futures contract and a short put, called a synthetic short call.
Synthetic Futures.
A combination of a put and a call with the same strike price, in which both are bullish, called synthetic long futures. Also, a combination of a put and a call with the same strike price, in which both are bearish, called synthetic short futures.
Opção Sintética.
A combination of a futures contract and an option, in which one is bullish and one is bearish.
Synthetic Put Option.
A combination of a short futures contract and a long call, called a synthetic long put. Also, a combination of a long futures contract and a short call, called a synthetic short put.
Synthetic Spot.
Futures price information that is consistent with spot market convention where positive or negative forward points are added to the futures price to produce an equivalent spot price.
With The Fix Protocol, A Delimited Message Component That Contains A Particular Purpose-Not Just Start Or Stop. Example: Tag 50 In A Message Indicates The Real Trader'S Id, Not Just The Company He Or She Works For.
Preço alvo.
An expected selling or buying price. For long and short hedges with futures: futures price + expected basis. For puts: futures price - premium + expected basis. For calls: futures price + premium + expected basis.
Tariff (Energy)
A Schedule Of Rates Or Charges Permitted A Common Carrier Or Utility; Pipeline Tariffs Are The Charges Made By Pipelines For Transporting Crude Oil, Refined Products, Or Natural Gas From An Origin To A Destination.
Trade at Settlement. A TAS is an order type that specifies the day's settlement price as the order price. This column represents the number of TAS transactions for the given date.
Análise técnica.
An approach to forecasting commodity prices which examines patterns of price change, rates of change, and changes in volume of trading and open interest, without regard to underlying fundamental market factors.
CME® TeleSTAT is an automated phone system that provides individual traders the ability to cancel and status CME Globex® orders. After entering a unique ID and PIN, users quickly navigate through the menu prompts to expedite their requests.
Tender (Intent)
An Intention To Deliver, Submitted To The Clearing House Against A Futures Contract.
Theoretical Value.
An option's value generated by a mathematical model given certain prior assumptions about the term of the option, the characteristics of the underlying futures contract, and prevailing interest rates.
100,000 British thermal units. A dekatherm is 1 million Btu's.
The measure of the change in an option's premium given a change in the option's time until expiration. Equal to the change in the option's premium divided by the change in time to expiration.
Throughput (Energy)
1) A Term Used To Describe The Total Volume Of Raw Materials That Are Processed By A Plant Such As An Oil Refinery In A Given Period. 2) The Total Volume Of Crude Oil And Refined Products That Are Handled By A Tank Farm, Pipeline, Or Terminal Loading Facility.
The minimum fluctuation in price allowed for a futures or options contract during a trading session as specified by the contract terms in CME Rulebook.
Summarized display of almost instantaneous information on instruments of an exchange. Provides information on performed trades by displaying the instrument and the last trade price in scrolling mode.
Except as otherwise specifically provided, any reference to time shall mean local Chicago time.
Time And Sales Data.
Data that provides price and time information of every transaction throughout the day.
Decaimento do Tempo.
Decline in the theoretical value of an option position based solely on the passage of time.
Time Spread.
The selling of a nearby option and buying of a more deferred option with the same strike price. Also known as a Calendar or Horizontal Spread.
Valor do tempo.
The amount by which an option's premium exceeds its intrinsic value. Usually relative to the time remaining before the option expires.
Valor do tempo.
The Amount By Which An Option'S Premium Exceeds Its Intrinsic Value. Usually Relative To The Time Remaining Before The Option Expires.
Total Return Asset Contracts (Trakrs)
Total Return Asset Contractssm (Trakrs) Are Designed To Enable Customers To Track An Index Of Stocks, Bonds, Currencies Or Other Financial Instruments. Trakrs Are Futures Contracts Based On An Index That Is Calculated On A Total Return Basis. Declared Dividends And Other Distributions Are Included In The Calculation Of The Index.
The term "trade" shall mean any purchase or sale of any commodity futures or options contract made on the Exchange.
Trade Balance.
The difference between a nation's imports and exports of merchandise.
Trade Date.
The date on which a trade was executed.
Trade Price.
The price at which a trade was executed on the original trade date.
(1) A person who takes positions in the futures market, usually without the intention of making or taking delivery; (2) A member of the exchange who buys and sells futures and options through the floor of the exchange. See "day trader", "floor broker", "position trader," and "scalper".
Dia de Negociação.
A trading day shall mean the hours of trading as determined by the board for each contract starting with the opening of trading and ending with the close of trading for such contract.
Trading Limit.
The maximum number of speculative futures contracts one can hold as determined by the Commodity Futures Trading Commission and/or the exchange upon which the contract is traded. Also referred to as position limit.
Sessão de negociação.
A trading session will mean either the pit trading session (the hours designated for open outcry trading for a product) and/or the Globex session (the hours on a particular trading day when a product can be traded on Globex).
Transmission Company (Energy)
Company That Transports Gas For Resale On Its Own Behalf Or Transports Gas For Others. Also Known As A Pipeline Company.
Transparência.
The amount of access a market openly offers about its activities and financial information.
Conta do Tesouro.
A Treasury bill is a short-term U. S. government obligation with an original maturity of one year or less. Unlike a bond or note, a bill does not pay a semi-annual, fixed rate coupon. A bill is typically issued at a price below its par value and is therefore a discounted instrument. The level of the discount depends on the level of prevailing interest rates. In general, the higher short-term interest rates are, the greater the discount. The return to an investor in bills is simply the difference between the issue price and par value.
Obrigação do Tesouro.
Government-debt security with a coupon and original maturity of more than 10 years. Interest is paid semiannually.
Nota do Tesouro.
Government-debt security with a coupon and original maturity of one to 10 years.
The general direction of the market.
Subjacente.
The stock, commodity, futures contract, or cash index against which a futures or options contract is valued.
Underlying Futures Contract.
The futures contract that may be purchased (in the case of a call) or sold (in the case of a put upon the exercise of the option.
The ability to choose the legs of a spread if the spread is not identified by CME already.
User Defined Spreads.
The ability to choose the legs of a spread if the spread is not identified by CME already.
Unique Trading Identifier. See "Sle User Id."
Payment made on a daily or intraday basis by a clearing member to the clearinghouse to cover losses created by adverse price movement in positions carried by the clearing member, calculated separately for customer and proprietary positions.
The measure of the change in an option's premium for a 1% change in the volatility of the underlying futures contract. Equal to the change in premium divided by 1% change in volatility.
Vertical Spread.
Buying and selling puts or calls of the same expiration month but having different strike prices.
Virtual Private Network (VPN)
A private data network that makes use of the public telecommunication infrastructure, maintaining privacy through the use of a tunneling protocol and security procedures.
A Method Of Measuring A Given Liquid'S Resistance To Flow, Usually Decreasing With Increasing Temperatures. Material With Higher Viscosity Is More Resistant To Flow.
Volatilidade.
A measurement of the change in price over a given time period.
Volatility Quote.
An alternative means of quoting options, or combinations involving options, by bidding or offering the implied volatility. Any transactions quoted in volatility terms will be translated into price terms for clearing purposes by means of a standard options pricing model maintained and disseminated by the exchange.
The number of contracts in futures or options on futures transacted during a specified period of time.
Warehouse Receipt.
A Document Indicating A Specific Contract And Location Information Of A Commodity In Storage; Commonly Used As The Instrument Of Transfer Of Ownership In Both Cash And Futures Transactions.
Warrant (Metals)
A Document Of Title Issued By A Warehouse Or Depository For A Specific Lot Of Stored Metal That Meets The Specifications Of The Corresponding Exchange Metals Futures Contract. Metal That Is "On Warrant" Is Eligible For Delivery Against A Short Position On The Exchange.
West Texas Intermediate (WTI)
A grade of crude oil deliverable against the New York Mercantile Exchange light, sweet crude oil contract. Nominally, the benchmark crude of the U. S. oil industry.
Wet Barrel (Energy)
A Physical Barrel Of Crude Oil Or Refined Product As Opposed To A "Paper Barrel."
Natural Gas Containing Condensable Hydrocarbons.
Wire House.
An individual or organization that solicits or accepts orders to buy or sell futures contracts or options on futures and accepts money or other assets from customers to support such orders. Also referred to as "commission house" or Futures Commission Merchant (FCM).
With Discretion (Disc) Or Disregard The Tape (Drt)
A Note On An Order Telling The Floor Broker To Use His Or Her Own Good Judgment In Filling The Order.
The issuer or seller of an option contract.
Market slang for a billion.
1) A measure of the annual return on an investment expressed as a percentage. 2) The proportion of heavy or light products which can be derived from a given barrel of crude oil.
Yield Change.
One day's change in the futures' interest rate - equal and opposite to change in the settlement price.
Curva de rendimento.
A chart that graphically depicts the yields of different maturity bonds of the same credit quality and type. Yield is depicted on the vertical axis and maturity on the horizontal axis. A normal yield curve is upward sloping, with short-term rates lower than long-term rates. An inverted yield curve is downward sloping, with short-term rates higher than long-term rates. A flat yield curve occurs when short-term rates are the same as long-term rates.
Yield-to-Maturity.
The rate of return an investor receives if a fixed-income security is held to maturity.
Zero-Sum Game.
Type of game when one player gains only at the expense of another player.
Centro de Subscrição.
Envie-nos comentários.
Quem nós somos.
O CME Group é o maior e mais diversificado mercado de derivativos do mundo. A empresa é composta por quatro Mercados de Contratos Designados (DCMs). Mais informações sobre as regras e listagens de produtos de cada bolsa podem ser encontradas clicando nos links para CME, CBOT, NYMEX e COMEX.

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Орекс Опціони від InstaForex.
Компанія ІнстаФорекс надає своїм клієнтам доступ до передових технологій трейдингу і високоякісних послуг. Зокрема, наші клієнти мають можливість працювати з такими торговими інструментами, як внутрішньоденні бінарні і термінові бінарні опціони.
Então, o que você acha?
Бінарні опціони - це похідний фінансовий інструмент, який надає право, але не зобов'язання зробити купівлю або продаж певного активу за певною ціною в певні терміни.
В клієнтському кабінеті розділу Форекс Опціони компанії клієнтам доступно висновок опціонів de 72 інструментів на підвищення і зниження. Купівля опціонів доступна для доларових, єврових і рублевих рахунків. Para os nossos clientes, ligue para Cent. Dos EUA e para Cent. Cent. 10000 - 50000.
К торгувати і заробляти на бінарних опціонах?
Ас дії внутрішньоденних бінарних опціонів обмежена однією добою при мінімальній тривалості опціону в 1 хвилину. Тоді як час дії термінових бінарних опціонів може становити до 4 тижнів. Для максимально комфортної роботи на сторінці укладення опціонів розміщений графік котирувань з можливістю вибору підходящого таймфрейма. Ви можете використовувати в роботі інформацію щодо архівними котируванням, розташованим як у опціон кабінеті, так і у відкритому доступі на сайті компанії. Відповідних розділах кабінету представлена ​​статистика покупки трейдером поточних і архівних опціонів.
Прамках сервісу торгівлі бінарними опціонами доступні такі популярні торгові інструменти, як: 21 валютна пара; метали - ouro e prata; 49 CFD. Нижче представлена ​​таблиця з повним переліком всіх доступних для торгівлі бінарними опціонами інструментів.
К ведеться торгівля біржовими опціонами?
Опціонна торгівля має на увазі під собою роботу з контрактами, які дають заздалегідь відому, стабільно високий прибуток. Виграш розраховується шляхом множення базової ціни на коефіцієнт прибутковості, що дорівнює 1,8 пункту як для внутрішньоденних, так і для термінових опціонів. При цьому ризик обмежений ціною контракту, оскільки після покупки опціону з рахунку клієнта знімається сума, рівна його вартості. Разі виграшу на рахунок клієнта повертається повна вартість контракту разом з прибутком. У разі програшу утримується тільки вартість опціону. - удь-яка зміна курсу дозволяє отримувати прибуток, навіть якщо ця зміна мінімально.
Ніяких обмежень на кількість куплених опціонів на добу не існує. При цьому угода буде прибутковою, якщо відбудеться вбрання умова, а ціна на початок дії опціону буде вище або нижче ціни кінця його дії.
Прогнозовану суму виграшу можна дізнатися, заповнивши представлену в опціони кабінеті форму покупки опціонів і натиснувши на кнопку «Розрахувати прибуток».
Фінарні Форекс-опціони від ІнстаФорекс - це:
простота опціонних стратегій; доступність опціонної торгівлі - широкий діапазон вартості опціонів; високий коефіцієнт прибутковості; заздалегідь відомі ризики та виграші; можливість заробітку при будь-якої кон'юнктури ринку.
Всі можливості опціонної торгівлі доступні клієнтам ІнстаФорекс і на ДЕМО-рахунках. Скористатися сервісом опціонної торгівлі можна в Кабінеті ДЕМО-рахунків.
Спробуйте себе в опціонної торгівлі!
В Клієнтському кабінеті компанії ІнстаФорекс кожному клієнтові доступнийсервіс по торгівлі внутрішньоденними та терміновими бінарними опціонами. Há mais de 72 horas de jogo no ranking de candidatos a todas as competições: 21 jogadores, ouro e prata, e 49 anos CFD.
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Cabinet Trade.
Cabinet Trade - A cabinet trade is a trading of a cabinet security. A cabinet trade can also be an off-market trade which is completed in order to end the trading of a nearly worthless stock or bond because it is out of money.
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First-Mover Advantage – This term applies to the first company of significant impact who moves on a new market. There maybe some other company who was there first, but did not have a major influence. This is most often related to business involved with the internet. And the one with.

Options Transactions.
Unlike stock trading, the contractual nature of options offer four different ways for entering and exiting positions. There is an options seller (writer) and an options buyer (holder). The option seller can enter or exit a transaction, and so can an option buyer.
Opening Transactions.
This is the transaction the options buyer make to enter a long position on an option. For example, if you want to buy a call option, you would enter a "buy-to-open" transaction.
Sell-to-Open.
This is the transaction the options seller make when he wish to enter a short position on an option. For example, if you are writing call options to earn premiums, you would enter a "sell-to-open" transaction.
Closing Transactions.
Buy-to-Close.
This is the transaction the options writer make when he wish to exit a short position on an option. For example, if you wish to buy back the calls you had previously sold, you would enter a "buy-to-close" transaction.
Sell-to-Close.
This is the transaction the options holder make to exit a long position on an option. For example, if you want to sell a previously purchased call option, you would enter a "sell-to-close" transaction.
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Comprar Straddles em ganhos.
Comprar straddles é uma ótima maneira de jogar ganhos. Muitas vezes, a diferença no preço das ações subiu ou desceu após o relatório trimestral de ganhos, mas muitas vezes a direção do movimento pode ser imprevisível. Por exemplo, uma venda pode ocorrer mesmo que o relatório de ganhos seja bom se os investidores esperassem excelentes resultados. [Leia. ]
A escrita permite comprar estoques.
Se você é muito otimista em um estoque específico para o longo prazo e está procurando comprar o estoque, mas sente que está um pouco sobrevalorizado no momento, então você pode querer considerar escrever opções no estoque como um meio para adquiri-lo em um desconto. [Leia. ]
O que são opções binárias e como negociá-las?
Também conhecidas como opções digitais, as opções binárias pertencem a uma classe especial de opções exóticas em que o operador da opção especula puramente na direção do subjacente em um período de tempo relativamente curto. [Leia. ]
Investir em estoques de crescimento usando opções LEAPS®.
Se você está investindo no estilo de Peter Lynch, tentando prever o próximo multi-bagger, então você gostaria de saber mais sobre LEAPS® e por que considero que eles são uma ótima opção para investir no próximo Microsoft®. [Leia. ]
Efeito dos dividendos no preço das opções.
Os dividendos em dinheiro emitidos por ações têm grande impacto nos preços das opções. Isso ocorre porque o preço do estoque subjacente deve cair pelo valor do dividendo na data do ex-dividendo. [Leia. ]
Bull Call Spread: uma alternativa para a chamada coberta.
Como alternativa à escrita de chamadas cobertas, pode-se inserir um spread de call bull para um potencial de lucro semelhante, mas com um requisito de capital significativamente menor. Em vez de manter o estoque subjacente na estratégia de chamadas cobertas, a alternativa. [Leia. ]
Captura de dividendos usando chamadas cobertas.
Algumas ações pagam dividendos generosos a cada trimestre. Você qualifica o dividendo se você estiver segurando as ações antes da data do ex-dividendo. [Leia. ]
Aproveite as chamadas, não Margin Calls.
Para obter retornos mais altos no mercado de ações, além de fazer mais lição de casa nas empresas que deseja comprar, muitas vezes é necessário assumir maior risco. Uma maneira mais comum de fazer isso é comprar ações na margem. [Leia. ]
Day Trading usando Opções.
As opções de negociação do dia podem ser uma estratégia bem sucedida e rentável, mas há algumas coisas que você precisa saber antes de usar começar a usar opções para o dia comercial. [Leia. ]
Qual é a relação de chamada de chamada e como usá-la.
Saiba mais sobre a proporção de apontar, a forma como ela é derivada e como ela pode ser usada como um indicador contrário. [Leia. ]
Compreender a paridade de colocação de chamadas.
A paridade de chamada de compra é um princípio importante no preço de opções identificado pela primeira vez por Hans Stoll em seu artigo, The Relation Between Put and Call Prices, em 1969. Ele afirma que o prémio de uma opção de compra implica um certo preço justo para a opção de venda correspondente com o mesmo preço de exercício e data de vencimento, e vice-versa. [Leia. ]
Compreendo os gregos.
Na negociação de opções, você pode notar o uso de certos alfabetos gregos como delta ou gama ao descrever os riscos associados a várias posições. Eles são conhecidos como "os gregos". [Leia. ]
Valorizando ações comuns usando a análise de fluxo de caixa descontada.
Uma vez que o valor das opções de compra de ações depende do preço do estoque subjacente, é útil calcular o valor justo das ações usando uma técnica conhecida como fluxo de caixa descontado. [Leia. ]
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Aviso de Risco: as ações, futuros e negociação de opções binárias discutidas neste site podem ser consideradas Operações de Negociação de Alto Risco e sua execução pode ser muito arriscada e pode resultar em perdas significativas ou mesmo em uma perda total de todos os fundos em sua conta. Você não deve arriscar mais do que você pode perder. Antes de decidir comercializar, você precisa garantir que compreenda os riscos envolvidos levando em consideração seus objetivos de investimento e nível de experiência. As informações contidas neste site são fornecidas apenas para fins informativos e educacionais e não se destinam a ser um serviço de recomendação comercial. TheOptionsGuide não será responsável por erros, omissões ou atrasos no conteúdo, ou por quaisquer ações tomadas com base nisso.
Os produtos financeiros oferecidos pela empresa possuem alto nível de risco e podem resultar na perda de todos os seus fundos. Você nunca deve investir dinheiro que não pode perder.